Mexico City, April 27, 2016.- Grupo Financiero Inbursa ... · Grupo Financiero Inbursa today...
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Mexico City, April 27, 2016.- Grupo Financiero Inbursa today reported results for the first quarter 2016. www.inbursa.com Frank Aguado (52) 55-56-25-4900 Ext. 3351 [email protected] Juan Ignacio Gonzalez (52) 55-56-25-4900 Ext.6641 [email protected] Grupo Financiero Inbursa registered a 26% growth in financial margin mainly explained by the growth of the loan portfolio with better mix. Net stood at $2,106 MM Ps in 1Q16. $0.44 per share GFI dividend payment. Interest income on total loans increased 23% in 1Q16 reaching $4,819 MM Ps. Total loan portfolio increased 12% if compared with 1Q15. Retail Loans increased 40% vs. 1Q15. 11% growth in retail deposits in Mar- 16 if compared with Mar-15. 671 branches and 200 points of sale at the end of Mar-16 compared with 371 branches in Mar-15. Grupo Financiero Inbursa posted profits of $2,106 MM Ps in 1Q16 mainly explained by a 26% higher financial margin related to the growth of the loan portfolio with better mix, market related losses and more administrative expenses due to an important increase in branches related to the strategic alliance with Walmart. In 1Q15, net income was $4,010 MM Ps; it´s important to recall that during 1Q15, Banco Inbursa released $3,485 MM Ps of excess credit reserves coming from the regulatory change of methodology. Operating cash flow increased 64.9% in 1Q16 if compared with the same period of the previous year from $1,771 MM Ps to $2,921 MM Ps. Stockholders´ equity of Grupo Financiero Inbursa stood at $108,952 MM Ps in Mar-16, a 7.8% increase relative to the same period of the previous year. It´s worth mentioning that there were $726 MM Ps increase above net income explained by the valuation surplus for reserves of unearned premiums in the insurance company that was directly added to Stockholders equity. On April 29 th 2016, Grupo Financiero Inbursa´s board of directors will propose to de shareholders meeting a $0.44 per share dividend payment. Interest income on total loans increased 23% from $$3,904 MM Ps in 1Q15 to $4,819 MM Ps in 1Q16. This result is mainly explained by 59% growth in interest income on consumer loans from $1,244 MM Ps to $1,975 MM Ps in the same period. Financial margin grew 26% from $4,380 MM Ps in 1Q15 to $5,503 MM Ps in 1Q16. Total loan portfolio stood at $243,456 MM Ps in Mar-16 compared with $217,730 MM Ps in Mar-15 that represented a 12% increase, mainly related to growths in both, commercial and retail loans. Compared with Mar-15, retail loans grew 40% (26% without the acquisition of Banco Walmart) driven by a 49% increase in personal loans reaching $16,299 MM Ps, 115% growth in the mortgage portfolio and 14% growth in auto related loans reaching $23,219 MM Ps. Credit cards grew 182% reaching $10,095 MM Ps. Total retail credit customers grew from 1,040,036 in 1Q15 to 2,224,683 in 1Q16, that represented a 114% increase. Retail deposits stood at $98,553 MM Ps in Mar-16 compared with $88,926 MM Ps in Mar-15, 11% increase mainly related to the branch network performance. Total retail funding customers increased 82% from 571,765 to 1,039,001. At the end of March 2016, Grupo Financiero Inbursa reached 671 branches that represented 300 more if compared with March 2015. In addition GFI, installed 200 points of sale in accordance to the retail strategy. HIGHLIGHTS 1 - All amounts included in this report are expressed in nominal pesos and are not audited. - This press release is presented under regulation 1488 of the CNBV. - As required by regulation 1488 of the CNBV, the financial margin includes only the commissions and fees involved in interest related earnings.
Transcript of Mexico City, April 27, 2016.- Grupo Financiero Inbursa ... · Grupo Financiero Inbursa today...
Mexico City, April 27, 2016.- Grupo Financiero Inbursa today reported results for the firstquarter 2016.
www.inbursa.com
Frank Aguado(52) 55-56-25-4900 Ext. [email protected]
Juan Ignacio Gonzalez(52) 55-56-25-4900 [email protected]
Grupo Financiero Inbursa registereda 26% growth in financial marginmainly explained by the growth ofthe loan portfolio with better mix.Net stood at $2,106 MM Ps in 1Q16.
$0.44 per share GFI dividendpayment.
Interest income on total loansincreased 23% in 1Q16 reaching$4,819 MM Ps.
Total loan portfolio increased 12% ifcompared with 1Q15.
Retail Loans increased 40% vs.1Q15.
11% growth in retail deposits in Mar-16 if compared with Mar-15.
671 branches and 200 points of saleat the end of Mar-16 comparedwith 371 branches in Mar-15.
Grupo Financiero Inbursa posted profits of $2,106 MM Ps in 1Q16 mainlyexplained by a 26% higher financial margin related to the growth of theloan portfolio with better mix, market related losses and moreadministrative expenses due to an important increase in branchesrelated to the strategic alliance with Walmart. In 1Q15, net income was$4,010 MM Ps; it´s important to recall that during 1Q15, Banco Inbursareleased $3,485 MM Ps of excess credit reserves coming from theregulatory change of methodology. Operating cash flow increased64.9% in 1Q16 if compared with the same period of the previous yearfrom $1,771 MM Ps to $2,921 MM Ps. Stockholders´ equity of GrupoFinanciero Inbursa stood at $108,952 MM Ps in Mar-16, a 7.8% increaserelative to the same period of the previous year. It´s worth mentioningthat there were $726 MM Ps increase above net income explained bythe valuation surplus for reserves of unearned premiums in theinsurance company that was directly added to Stockholders equity.
On April 29th 2016, Grupo Financiero Inbursa´s board of directors willpropose to de shareholders meeting a $0.44 per share dividendpayment.
Interest income on total loans increased 23% from $$3,904 MM Ps in1Q15 to $4,819 MM Ps in 1Q16. This result is mainly explained by 59%growth in interest income on consumer loans from $1,244 MM Ps to$1,975 MM Ps in the same period. Financial margin grew 26% from$4,380 MM Ps in 1Q15 to $5,503 MM Ps in 1Q16.
Total loan portfolio stood at $243,456 MM Ps in Mar-16 compared with$217,730 MM Ps in Mar-15 that represented a 12% increase, mainlyrelated to growths in both, commercial and retail loans.
Compared with Mar-15, retail loans grew 40% (26% without theacquisition of Banco Walmart) driven by a 49% increase in personalloans reaching $16,299 MM Ps, 115% growth in the mortgage portfolioand 14% growth in auto related loans reaching $23,219 MM Ps. Creditcards grew 182% reaching $10,095 MM Ps. Total retail credit customersgrew from 1,040,036 in 1Q15 to 2,224,683 in 1Q16, that represented a114% increase.
Retail deposits stood at $98,553 MM Ps in Mar-16 compared with$88,926 MM Ps in Mar-15, 11% increase mainly related to the branchnetwork performance. Total retail funding customers increased 82%from 571,765 to 1,039,001.
At the end of March 2016, Grupo Financiero Inbursa reached 671branches that represented 300 more if compared with March 2015. Inaddition GFI, installed 200 points of sale in accordance to the retailstrategy.
HIGHLIGHTS
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- All amounts included in this report are expressed in nominal pesos and are not audited.- This press release is presented under regulation 1488 of the CNBV.- As required by regulation 1488 of the CNBV, the financial margin includes only the commissions and fees involved in interest related earnings.
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Corporate Structure
Pensiones Fianzas Seguros Inversora Bursátil Operadora
CF Credit Afore Inmobiliaria Sinca
Grupo Financiero Inbursa
CF Credit Afore Inmobiliaria SincaBanco Standard
de Investimentos
Sociedad Financiera
Banco Sociedad Financiera
Pensiones Fianzas Seguros Inversora Bursátil OperadoraBanco
Grupo Financiero Inbursa
March 31, 2016
March 31, 2015
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GRUPO FINANCIERO INBURSA(with subsidiaries and consolidated)
Under CNBV RulesNet Income
Grupo Financiero Inbursaposted profits of $2,106 MM Ps in 1Q16 mainly explained by a 26% higher financialmargin related to the growth of the loan portfolio with better mix, market related losses and more administrativeexpenses due to an important increase in branches related to the strategic alliance with Walmart. In 1Q15, netincome was $4,010 MM Ps; it´s important to recall that during 1Q15, Banco Inbursa released $3,485 MM Ps ofexcess credit reserves coming from the regulatory change of methodology. Operating cash flow increased64.9% in 1Q16 if compared with the same period of the previous year from $1,771 MM Ps to $2,921 MM Ps.Stockholders´ equity of Grupo Financiero Inbursa stood at $108,952 MM Ps in Mar-16, a 7.8% increase relative tothe same period of the previous year. It´s worth mentioning that there were $726 MM Ps increase above netincome explained by the valuation surplus for reserves of unearned premiums in the insurance company thatwas directly added to Stockholders equity.
CNBV GAAPGFINBUR”O”(Stock Price)
Estimated Cash Flow
Mkt Value/Book Value 2.1Stock price (Mar¨16) 34.49Outstanding shares (‘000,000) 6,667Debt Rating (Banco Inbursa)S & P BBB+/mxAAAHR Ratings HR AAA / HR+1
Mar’16Employees 9,792# clients (MM) 12.5 Branches 671ATM’s 805Sales force 20,231
1Q16 4Q15 % chg vs. 1Q15 % chg vs.$ % $ 4Q15 $ 1Q15
Banco Inbursa 371.7 18% 2,362.9 -84% 3,468.1 -89%Operadora 80.5 4% 58.9 36% 54.2 48%Seguros 273.3 13% (3.5) N.A. 199.4 37%Pensiones 394.7 19% 140.9 180% 191.7 106%Fianzas 813.9 39% 107.1 660% 98.4 727%Inversora 177.0 8% (2.0) N.A. 9.0 1867%Others (5.1) 0% 29.6 N.A. (11.2) N.A.
Total 2,106.0 100% 2,693.9 -22% 4,009.6 -47%
MM Ps.
M illion Pesos 2012 2013 2014 2015 3M16 3M15
+ Interest Income 21,276 23,087 22,987 23,672 6,398 5,452
+ Premiums written (Net) 14,313 14,835 14,288 15,497 5,150 3,763
- Interest Expense 9,404 9,883 8,449 8,215 2,155 2,057
- Increased in reserve for unearned premiums 2,438 2,804 2,204 2,513 1,459 369
- Cost of claims and contractual obligations (net) 9,695 8,678 9,877 10,444 2,431 2,410
= Financial Margin 14,051 16,557 16,745 17,997 5,503 4,380
+ Commissions & Fees 1,011 1,897 782 1,280 -95 269
+ Subsidiaries Income 731 694 823 1,122 227 190
- General Expenses 6,398 7,385 7,506 8,125 2,247 1,945
- Taxes 1,779 3,091 3,776 3,726 467 1,123
= Operating Cash Flow 7,617 8,672 7,068 8,549 2,921 1,771
+ Market related Income 5,290 11,839 -2,768 -2,686 -576 -1,544
+ Other operational income 1,848 1,443 15,145 7,876 1,204 4,007
= Free Cash Flow 14,755 21,954 19,445 13,739 3,549 4,234
33.21 31.71 31.10 29.1432.38 34.49
O´15 N´15 D´15 J´16 F´16 M´16
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Sources & Uses of Funds(MM Ps as of March 2016)
Assets under Management: $ 440,283Assets in Custody: $2,266,600
Investment by Company
• Stockholders´ equity of Grupo Financiero Inbursa stood at $108,952 MM Ps in Mar-16, a 7.8%increase relative to the same period of the previous year. It´s worth mentioning that in May2015, GFI paid a $2,800 MM Ps dividend. If adjusted, Stockholders´ equity growth would havebeen 10.6%.
1Q16 4Q15 % chg vs. 1Q15 % chg vs.$ % $ 4Q15 $ 1Q15
Banco Inbursa Consolidated 82,132.0 75% 82,840.5 -1% 76,051.5 8%Sociedad Financiera 4,926.8 5% 5,009.8 N.A. 0.0 N.A.
Afore 1,724.7 1% 1,613.7 7% 1,577.1 2%Sinca 8,174.1 7% 8,036.9 2% 7,157.2 12%
Inm obiliaria 1,117.0 1% 1,108.4 1% 1,084.3 2%
Operadora 1,411.0 1% 1,470.6 -4% 1,384.2 2%
Seguros Inbursa Consolidated 10,582.0 10% 9,492.2 11% 9,771.3 8%Patrim onial 1,983.3 2% 1,866.2 6% 1,765.3 12%
Pensiones Inbursa Consolidate 10,563.1 10% 10,168.4 4% 9,972.2 6%Prom otora 7,094.3 7% 6,861.6 3% 6,834.0 4%
Fianzas 2,031.0 2% 1,516.9 34% 1,236.1 64%
Inversora 2,400.0 2% 2,343.0 2% 2,162.0 11%
Holding company and others (167.1) 0% (1,711.5) N.A. 504.9 N.A.Total 108,952.0 100% 106,120.1 3% 101,082.1 8%
MM Ps.
Million PesosStockholders' Deferred Other
Equity Taxes Liabilities
Banco Inbursa 82,132.0 231,410.3 10,730.0 0.0 19,609.1 343,881.5Seguros and Patrimonial Inbursa 10,582.0 65,738.2 2,088.7 4,966.6 83,375.4Pensiones Inbursa 10,563.1 15,713.7 66.6 69.7 26,413.0Inversora Bursátil 2,400.0 86.0 329.0 6,726.0 41.0 9,582.0Operadora Inbursa 1,411.0 152.5 56.5 1,620.1Fianzas G-Inbursa 2,031.0 1,088.0 55.3 461.0 3,635.3Others (167.1) (167.1)TOTAL 108,952.0 231,496.3 93,269.9 2,692.0 6,726.0 25,204.0 468,340.2
Investment Loan Fixed Income Fixed OtherPortfolio Portfolio MM Portfolio Assets Assets
Banco Inbursa 11,926.6 243,456.4 44,952.7 4,745.7 38,800.1 343,881.5Seguros and Patrimonial Inbursa 10,615.2 1,927.6 29,652.2 2,025.9 39,154.5 83,375.4Pensiones Inbursa 55.2 19,535.1 6,822.7 26,413.0Inversora Bursátil 82.0 14.0 8,943.0 543.0 9,582.0Operadora Inbursa 566.0 982.4 71.7 1,620.1Fianzas G-Inbursa 544.6 13.9 1,827.5 443.6 805.8 3,635.3Others (167.1) (167.1)TOTAL 23,789.6 245,397.9 96,949.9 7,229.2 8,943.0 86,030.6 468,340.2
SOURCES
Total
TotalRepo´s
Debt Repo´sReserves
USES
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Financial Margin
Financial margin reached $5,503 MM Ps in Mar-16 compared with $4,380 MM Ps in Mar-15, a26% increase. This result is mainly explained by a 23% growth in interest on total loans from$$3,904 MM Ps in Mar-15 to $4,819 MM Ps in Mar-16. Interest income on consumer loans grew58% a consequence of the growth in consumer loans from $28,947 MM Ps to $41,390 MM Ps inthe same period.
Interest Income 5,620 6,440 5,563 5,363 5,452 5,823 5,896 6,501 6,398
Interest on loans 3,623 4,022 3,803 3,416 3,904 4,332 4,386 4,721 4,819
Commercial 2,808 2,903 2,693 2,163 2,611 2,941 2,664 2,680 2,731Consumer 778 1,085 1,074 1,218 1,244 1,328 1,643 1,945 1,975Mortgages 37 34 35 36 49 64 79 97 112
Financial instruments and Repo´s interest income 1,761 2,169 1,563 1,676 1,386 1,249 1,193 1,432 1,313
Others 236 250 197 272 162 241 317 348 267
Premiums Written (net) 3,679 3,435 3,488 2,581 3,763 3,683 3,811 4,240 5,150
Interest Expenses (2,162) (2,265) (2,149) (2,379) (2,057) (2,058) (1,966) (2,135) (2,155)
Interest on deposits & funding (1,368) (1,559) (1,445) (1,234) (1,561) (1,650) (1,637) (1,616) (1,833)
Demand deposits (478) (481) (438) (449) (454) (474) (471) (477) (549)Time deposits (231) (166) (127) (124) (121) (205) (183) (166) (241)
Unsecured notes (588) (672) (742) (926) (925) (889) (974) (1,067) (1,030)Interbank loans (71) (240) (138) 266 (60) (82) (9) 94 (13)
Repo´s interest expense (788) (694) (698) (630) (488) (381) (318) (509) (312)
Others (6) (12) (7) (9) (8) (26) (11) (10) (10)
Increased in reserve for unearned premiums (925) (480) (369) (430) (369) (457) (465) (1,222) (1,459)
Cost of claims and contractual obligations (net) (2,346) (2,427) (2,612) (2,492) (2,410) (2,661) (2,729) (2,645) (2,431)
Financial Margin 3,866 4,704 3,921 4,254 4,380 4,331 4,547 4,739 5,503
3Q14 4Q14 1Q15 2Q15 3Q15 1Q161Q14 2Q14 4Q15Million Pesos
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Retail
Compared with Mar-15, retail loans grew 40% (26% without the acquisition of Banco Walmart)driven by a 49% increase in personal loans reaching $16,299 MM Ps, 115% growth in themortgage portfolio and 14% growth in auto related loans reaching $23,219 MM Ps. Creditcards grew 182% reaching $10,095 MM Ps. Total retail credit customers grew from 1,040,036 in1Q15 to 2,224,683 in 1Q16, that represented a 114% increase.
Retail loan portfolio is spread between 3 subsidiaries that in March 2016, all fully consolidateinto Banco Inbursa:Sociedad Financiera Inbursa: Personal, SME´s and Credit CardsCF Credit: Auto related loansBanco Inbursa: Mortgages
% chg vs. % chg vs.4Q15 1Q15
Total Retail Loan Portfolio 60,222 100% 59,219 2% 43,155 40%
Retail Loan Portfolio without Banco Walmart 54,457 90% 53,778 1% 43,155 26%
Auto loans 23,219 39% 23,332 0% 20,425 14%Floor Plan 6,714 11% 6,845 -2% 6,309 6%
Retail 16,505 27% 16,487 0% 14,116 17%
Small and medium companies 5,718 9% 5,936 -4% 5,901 -3%
Mortgages 4,891 8% 4,273 14% 2,274 115%
Personal 16,299 27% 16,006 2% 10,971 49%
Credit Card 10,095 17% 9,672 4% 3,584 182%Without Banco Walmart 4,330 7% 4,231 2% 3,584 21%
Banco Walmart 5,765 10% 5,441 6% 0 N.A.
%1Q16 1Q154Q15Million Pesos
% chg vs. % chg vs.4Q15 1Q15
Total Retail Customers 2,224,683 100% 2,075,974 7% 1,040,036 114%
Retail Customers without Banco Walmart 1,257,891 57% 1,228,982 2% 1,040,036 21%
Auto loans 115,245 5% 112,552 2% 105,351 9%
Small and medium companies 57,476 3% 58,204 -1% 58,388 -2%
Mortgages 6,514 0% 5,577 17% 3,204 103%
Personal 560,571 25% 536,292 5% 390,015 44%
Credit Card 1,484,877 67% 1,363,349 9% 483,078 207%Without Banco Walmart 518,085 23% 516,357 0% 483,078 7%
Banco Walmart 966,792 43% 846,992 14% 0 N.A.
1Q16 % 4Q15Customers 1Q15
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Funding (Million Pesos)
Insurance (Million Pesos)
Retail deposits stood at $98,553 MM Ps in Mar-16 compared with $88,926 MM Ps in Mar-15,11% increase mainly related to the branch network performance. Total retail fundingcustomers increased 82% from 571,765 to 1,039,001.
Retail
% chg vs. % chg vs.4Q15 1Q15
Total Retail Deposits 98,553 100% 92,636 6% 88,926 11%
Retail Deposits without Banco Walmart 96,406 98% 89,743 7% 88,926 8%
Demand deposits 81,262 82% 76,634 6% 77,408 5%Without Banco Walmart 80,082 81% 75,185 7% 77,408 3%
Banco Walmart 1,180 1% 1,449 N.A. 0 N.A.
Retail time deposits 17,291 18% 16,002 8% 11,518 50%Without Banco Walmart 16,324 17% 14,558 12% 11,518 42%
Banco Walmart 967 1% 1,444 -33% 0 N.A.
Million Pesos 1Q16 % 4Q15 1Q15
% chg vs. % chg vs.4Q15 1Q15
Total Retail Premiums 3,696 100% 3,199 16% 2,554 45%
Automobile 1,089 29% 1,205 -10% 1,062 3%
Life 2,031 55% 1,193 70% 944 115%
A & H 576 16% 801 -28% 548 5%
Million Pesos 1Q16 % 4Q15 1Q15
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WholesaleLoan Portfolio (Million Pesos)
Compared with Mar-15, wholesale loan portfolio increased from $174,575 MM Ps to $183,234MM Ps, 5% more. This result is explained by a 7% increase in the commercial portfolio from$149,710 MM Ps to $159,496 MM Ps in the same period driven by growth of 18% in theinfrastructure loan portfolio.
Funding (Million Pesos)
Insurance (Million Pesos)
% chg vs. % chg vs.4Q15 1Q15
Total Wholesale Loan Portfolio 183,234 100% 178,260 3% 174,575 5%
Commercial 159,496 87% 155,156 3% 149,710 7%
Financial Institutions 9,473 5% 8,764 8% 6,042 57%
Governmental 14,265 8% 14,340 -1% 18,824 -24%
Million Pesos 1Q16 % 4Q15 1Q15
% chg vs. % chg vs.4Q15 1Q15
Total Wholesale Funding 122,140 100% 110,571 10% 98,311 24%
Time deposits 16,759 14% 0 N.A. 2,926 473%
Unsecured local notes 97,944 80% 103,352 -5% 88,913 10%
Interbanking 7,437 6% 7,219 3% 6,472 15%
Million Pesos 1Q16 % 4Q15 1Q15
% chg vs. % chg vs.4Q15 1Q15
PREMIUMS 1,864 100% 1,299 43% 2,654 -30%
P & C 1,864 100% 1,299 43% 2,654 -30%
Million Pesos 1Q16 % 4Q15 1Q15
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Banco Inbursa posted profits of $371 MM Ps in 1Q16 compared with $3,468 MM Ps 1Q15. This result isexplained by more financial margin related to more interest income on loans from $3,363 MM Ps to $5,035MM Ps, 49%. Marking to market of the banks financial assets showed a $2,032 MM Ps loss compared with$1,328 MM Ps loss in the same periods. Its important to recall that starting 2Q15, Sociedad FinancieraInbursa fully consolidate into Banco Inbursa.
BANCO INBURSA (Commercial & Investment Banking)
Financial MarginIn 1Q16 financial margin stood at $3,636 MM Ps, a62% increase if compared with the same period ofthe previous year, a consequence of growths inthe commercial and retail portfolios.
Market Related IncomeBanco Inbursa posted market related losses of$2,032 MM Ps in 1Q16 compared with $1,328 MMPs losses in 1Q15 mainly due to the decrease oflong term interest rates, both in pesos and in USDthat affected the marking to market of the longterm fixed rates funding position and stocksvaluation of its financial assets.
Loan Loss ReservesLoan loss reserves decreased $748 MM Ps duringthe first three months of 2016 and stood in $10,730MM Ps. On an accumulated basis this amountrepresents 1.4x non-performing loans and 4.4% oftotal loans. Through new regulation, banks inMexico are required to provision total loans undera prospective methodology which estimates theexpected losses just for the next 12 months. Withthis new methodology, Banco Inbursa postedprofits of $3,485 MM Ps in 1Q15 in other operationalincome (expense).
General ExpensesGeneral expenses increased 51% in 1Q16 vs 1Q15from $1,141 MM Ps to $1,726 MM Ps mainly relatedto the growth in retail and the branch network. Inaddition, starting 2Q15, Sociedad FinancieraInbursa fully consolidate into Banco Inbursa.
Risk Adjusted Net Interest Income
General Expenses and Acquisition Cost
MM Ps 1Q16 4Q15 1Q15
Interest Income 5,733.8 5,503.0 4,190.3
Interest on loans 5,035.2 4,782.2 3,362.9
Repo´s interest income 405.5 249.4 448.9
Others 293.1 471.4 378.5
Interest Expenses (2,097.9) (1,913.4) (1,939.9)
Interest on deposits & funding (2,036.1) (1,729.5) (1,558.0)
Repo´s interest expense (61.7) (183.9) (381.9)
Financial Margin 3,635.9 3,589.6 2,250.4
(1,727.3) (1,349.4) (677.8)
1,908.6 2,240.2 1,572.6
Commissions and fees 798.9 1,133.3 772.6
Market related income (2,032.0) 685.5 (1,327.9)
Other operational income (expense)
952.5 82.5 3,568.5
1,628.0 4,141.5 4,585.8
Loan Loss Reserves (Net)
Operating Revenues
Risk Adjusted Net Interest Income
MM Ps 1Q16 4Q15 1Q15
Personnel 68.3 62.1 24.2
Administrative Expenses
1,400.1 1,366.0 839.4
Acquisition Cost 194.3 198.8 205.8Others 1,205.8 1,167.3 633.5
Contributions to IPAB 213.1 217.6 243.2
Depreciations and Amortizations
44.0 52.4 33.8
General Expenses 1,725.5 1,698.1 1,140.6
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Earnings from SubsidiariesOther Selected Financial Information
Loan Portfolio and Asset Quality
Total loan portfolio stood at $243,456 MM Ps in 1Q16 compared with $213,395 MM Ps in 1Q15 thatrepresented a 12% increase, a consequence of growths in both, commercial and retail loans.
Compared with Mar-15, wholesale loan portfolio increased from $174,575 MM Ps to $183,234 MM Ps, 5%more. This result is explained by a 7% increase in the commercial portfolio from $149,710 MM Ps to$159,496 MM Ps in the same period driven by growth of 18% in the infrastructure loan portfolio.
Compared with Mar-15, retail loans grew 40% (26% without the acquisition of Banco Walmart) driven bya 49% increase in personal loans reaching $16,299 MM Ps and 560,571 clients, 115% growth in themortgage portfolio and 14% growth in auto related loans reaching $23,219 MM Ps. Credit cards grew182% reaching $10,095 MM Ps with 1,484,877 clients.
Peso loan portfolio represented 71% of total loans.
Loan Portfolio
MM Ps 1Q16 4Q15 1Q15
EARNINGS FROM SUBSIDIARIES 219.7 344.8 216.1
Sinca Inbursa 137.2 268.0 161.4
Afore Inbursa 111.1 114.7 96.1
MM Ps 1Q16 % 4Q15 % 1Q15 %
TOTAL LOAN PORTFOLIO 243,456 100% 237,479 100% 213,395 100%
Commercial 168,161 69% 163,996 69% 153,091 72%Financial Institutions 9,473 4% 8,764 4% 13,902 7%Consumer 39,361 16% 39,116 16% 18,916 9%Housing 4,589 2% 4,007 2% 2,019 1%Governmental 14,265 6% 14,340 6% 18,824 9%
PAST DUE LOANS 7,608 3.1% 7,256 3.1% 6,643 3.1%
LOAN LOSS RESERVES 10,730 4% 10,739 5% 11,478 5%
1Q16 4Q15 1Q15Pesos 71% 71% 69%USD 29% 29% 31%
Secured * 86% 86% 86%Unsecured 14% 14% 14%* Collateral, real guarantees and guarantors
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Non Performing Loans
Non performing loans decrease 14% in 1Q16vs 1Q15 from $6,643 MM Ps to $7,608 MM Ps.
Non Performing Loans
Loan Portfolio Breakdown by SectorCommercial Lending
Banco Inbursa ranked 5th in the Mexicanbanking system in commercial lendingwith a 9.4% market share as of February2016. Loan portfolio remains welldiversified in many sectors such as shown.
Banco Inbursa Selected Ratios
Infrastructure26%
Retail25%
Corporates14%
Government6%
Real Estate8%
Enterprises5%
Real Estate (USA)5%
Financial Institutions
4%
Related Companies3% Others
4%
MM Ps %
NPL 31-Dec-15 7,256.0
- Decreases in NPL -1,418.0 -80.1%* Recoveries & Restructures -354.5 -20.0%* Write Offs -1,063.4 -60.1%
+ Increases in NPL 1,770.1 100.0%* Exchange rate effects -8.2 -0.5%* New NPL & USD 1,778.3 100.5%
NPL 31-Mar-16 7,608.1
MM Ps
SystemFeb-16
Loans / Total Assets 70.8% 70.4% 47.8%
NPL / Loan Portfolio 3.1% 3.1% 2.6%
LLR / NPL (times) 1.4 1.7 1.4
1Q16 1Q15
12
Capitalization
Banco Inbursa registered a 17.7% TIER 1 Capital ratio as of February 2016. This figure comparespositively with the ratio obtained by the market.
Capitalization Ratio
Risk Management
Banco Inbursa’s risk management isbased on value at risk models withdifferent confidence levels and holdingperiod horizons, and is complementedwith stress testing analysis usinghypothetical as well as historical scenarios.
Credit Risk is analyzed by the CreditCommittee through detailed andindividual analysis of each client;additionally econometric models havebeen implemented to evaluate theprobability of default such as theanticipated loss individually and by groupsof risk.
Value at Risk 1Q16 (MM Ps)
Loan Portfolio by Currency 1Q16 (MM Ps)
229,528.0 219,465.3 218,756.0
Tier 1 Capital 26.8% 28.8% 29.1%Net Capital 26.8% 28.8% 29.1%
347,799.0 333,274.8 337,545.0
Tier 1 Capital 17.7% 18.9% 18.9%Net Capital 17.7% 18.9% 18.9%
29-Feb-16 30-Nov-15 28-Feb-15
Total Risk Assets
Credit Risk Assets
MM Ps
TYPE OF RISK MARKET VALUE
VALUE AT RISK (1)
% VAR vs TIER 1
CAPITAL
Forex 2,656 45 0.07%
Fixed Income 21,322 219 0.35%
Derivatives (2,407) 1,089 1.74%
Equity 6,614 147 0.23%
Banco Inbursa 28,186 797 1.27%
TIER 1 CAPITAL (2) 62,648
(1) Value at Risk for 1 day with a confidence lev el of 95% and using LTM
information(2) DECEMBER 2015 TIER 1 CAPITAL
Currency Loan Portfolio*
Past Due Loans
Loan Loss Reserves
Loan Loss Reserve vs
Loan Portfolio (%)
Loan Loss Resrve vs Past Due Loans
MXP 167,631 6,692 9,109 5.43% 1.4
USD* 68,217 915 1,621 2.38% 1.8
UDI´s* 1 1 1 150.00% N.A.
Total 235,848 7,608 10,730 4.55% 1.4
* Both figures, USD and UDI´s are expressed in pesos
13
The investments of Sinca Inbursa in “Promoted Companies” are registered at book value net ofgoodwill (which is later amortized), and the contribution to the results of the company areaccounted under the equity method.
Current Investment Portfolio
Sinca Inbursa posted profits of $138 MM Ps in 1Q16 compared with $161 MM Ps in 1Q15, thatrepresented a 15% decrease.
SINCA INBURSA
Million pesos Description Acquisition Date % Shares Book Value Investment %
1. Infrastructure & Transport1.1 Infraestructura y Transporte México, S.A. de C.V. y Subsidiarias Railroad NOV 2005 8.25% 103 1.8%1.2 FM Rail Holding, S.A. de C.V. Railroad MAR 2015 8.25% 533 9.5%1.3 Gas Natural Mexico, S.A. de C.V. Infrastructure SEP 2008 14.13% 854 15.3%1.4 Giant Motors, S.A. de C.V. Auto JUL 2008 50.00% 213 3.8%Total 1,703 30.5%
2. Health2.1 Salud Interactiva, S.A. de C.V. y Subsidiarias Health JAN 2008 62.16% 320 5.7%2.2 Enesa, S.A. de C.V. Health DIC 2010 25.00% 250 4.5%2.3 Patia Biopharma, S.A. de C.V. Health JUN 2013 80.00% 24 0.4%Total 594 10.6%
3. Software3.1 Holding Aspel, S.A. de C.V. Software JUN 2011 64.00% 276 4.9%Total 276 4.9%
4. Financial4.1 Sociedad Financiera Campesina, S.A. de C.V. Financial SEP 2008 9.00% 9 0.2%Total Sector Financiero 9 0.2%
5. Content5.1 Argos Comunicación, S.A. de C.V. y Subsidiarias Content MAR 2007 33.00% 41 0.7%Total 41 0.7%
6. Holding companies6.1 Capital Inbursa, S.A. de C.V. Investments DEC 2013 99.99% 2,854 51.1%6.2 Inbursa Private Capital, S.A. de C.V. Investments OCT 2007 99.99% 110 2.0%
2,964 53.0%
5,588TOTAL
14
Afore Inbursa net income posted profits of $11 MM Ps in 1Q16 compared with $96 MM Ps in 1Q15.Stockholders´ equity stood at $1,725 MM Ps in Mar-16. It´s worth mentioning that in May 2015, Afore Inbursapaid a $200 MM Ps dividend. If adjusted, Stockholders´ equity growth would have been 22%.
Affiliate Base & Assets UnderManagement
Assets under management reached$103,611 MM Ps in Mar-16, a 1% decrease ifcompared with same period last year.
Assets under management market sharestood at 4.0% in Mar-16. Afore Inbursa isranked in the ninth place in the Aforesystem measured by assets undermanagement.
Affiliate base amounted to 477,957 clientsin Mar-16.
Active workers base was 43.17% in Mar-16vs 38.84% of the market.
Acquisition costs was $60 MM Ps in 1Q16compared with $83 MM Ps in 1Q15.
Stockholders´ equity stood at $1,725 MM Psin Mar-16. It´s worth mentioning that in May2015, Afore Inbursa paid a $200 MM Psdividend. If adjusted, Stockholders´ equitygrowth would have been 22%.
Net IncomeDuring the first three months of 2016, netincome reached $111 MM Ps comparedwith $96 MM Ps in the first three months of2015.
Selected Figures
Affiliate Quality
AFORE INBURSA (Assets under management)
MM Ps 1Q16 4Q15 1Q15
Comission Income 240.1 286.8 279.0
General Expenses (126.4) (110.0) (139.4)
Administrativ e Expense (28.9) (24.9) (24.2)
Operating Expenses (37.3) (18.3) (32.3)
Acquisition cost (60.1) (66.7) (82.9)
Depreciation & Amortization
(0.8) (0.6) (0.6)
Operating Income 115.1 155.0 137.6
Other Income 0.5 1.3 1.9
Net Income 111.1 114.7 96.1
Investments 1,437.4 1,401.5 1,395.5
Fixed Assets 17.8 18.5 12.6
Total Assets 2,168.8 2,060.0 1,892.3
Stockholders' Equity 1,724.7 1,613.7 1,577.1
Mkt. Share1Q16
Total Clients (#) 1,107,094 1,112,823 1,143,384 2.4%
Affiliates (#) 477,957 486,916 520,488 3.0%
Assets Under Mngmt. (MM Ps) 103,611.2 101,190.6 104,152.5 4.0%
Mkt. Avg1Q16
Avg. Min. Wages per Affiliate
5.40 5.39 5.41 4.43
Active Workers/Affiliate
43.17% 43.76% 45.52% 38.84%
1Q16 4Q15 1Q15
1Q16 4Q15 1Q15
15
Assets under management stood at $109,200 MM Ps in March 2016 compared with $102,323 MMPs in March 2015, 6.7% more.
Mutual FundsMarch, 2016
FONDO INBURSAMarch, 2016
Inbursa holds the highest profitability in USD for the last 35 years
(Mar’81 - Mar’16)
Compound Annual Return
16.63%
11.58%8.59%
6.03% 6.30%
Inbursa Mexbol DowJones
Cetes Inflation
OPERADORA INBURSA (Assets under management)
Dinbur$4.4 bn Ps
Fonibur$18.6 bn Ps
Fondo Inbursa$14.3 bn Ps
Inbumax$26.2 bn Ps
Ibuplus$31.1 bn Ps
Fixed income100%
Equity0%
Equity61% Fixed
income39%
Fixed income
42%
Equity58%
Equity54%
Fixed income
46%
Fixed income100%
Equity0%
Inburex$14.2 bn Ps
Fixed income100%
Equity0%
16
Seguros Inbursa´s net income reached $273 MM Ps in 1Q16 compared with $199MM Ps in thesame period of the previous year. It´s worth to recall that starting January 2016, insurancecompanies in Mexico were required to adjust its financial statements to meet Solvency IIrequirements in almost all the main aspects with the exception of catastrophic reserves. Themain impacts for Seguros Inbursa are the following: a) Higher premiums due to the change inthe life business which premiums are now accounted as all other lines of businesses the day arewritten instead of monthly instalments as it was before, b) Extraordinary technical reserveprovision and c) Valuation surplus for reserves of unearned premiums that was directly added toStockholders equity.
SEGUROS AND PATRIMONIAL INBURSA(Insurance)
Financial Information
Premiums Breakdown
Stockholders´ equity stood at $10,582 MM Ps in Mar-16, after having paid a dividend of $600 MMPs in May 2015 compared with $9,771 MM Ps in Mar-15, a 8.3% increase. If adjusted by dividendpayments the growth would have been 16.5%.
MM Ps 1Q16 4Q15 1Q15
Direct Premiums 5,559.4 4,497.2 5,207.3
Retained Premiums 4,084.7 3,600.1 3,004.6
Reserves Provisions 1,920.2 820.8 13.9
Technical Income (268.7) 162.3 682.4
Net Financial Income 989.1 399.0 107.4
Net Income 273.3 (3.5) 199.4
Assets 83,375.4 83,372.1 70,291.8
Investments 40,267.4 38,511.3 36,950.5
Reserves 65,738.2 66,883.7 51,055.3
Stockholders' Equity 10,582.0 9,492.2 9,771.3
Breakdown Growth RateCombined
RatioCombined
RatioCombined
Ratio Breakdown Growth Rate3M16 3M16 vs
3M153M16 3M15 3M16 3M16 3M16 vs
3M15
P&C 33.5% -29.8% 29.5% 21.6% 39.4% 32.3% -28.5%
Automobile 19.6% 2.6% 64.3% 85.0% 64.6% 17.7% 2.6%
Life 36.5% 115.2% N.A. 108.4% N.A. 40.4% 116.9%
A & H 10.4% 5.0% 96.0% 111.9% 96.1% 9.7% 7.4%
Total 100.0% 6.8% 105.9% 86.7% 96.9% 100.0% 11.1%
Line of business
Seguros + Patrimonial
17
PENSIONES INBURSA(Annuities)
Pensiones Inbursa´s net income posted profits of $395 MM Ps in 1Q16 compared with$198 MM Ps in the same period last year mainly related by more financial incomecoming from the investment portfolio. Stockholders´ equity reached $10,563 MM Ps inMar-16 compared with $9,972 MM Ps in Mar-15, a 5.9% increase.
Selected Financial Information
MM Ps 1Q16 4Q15 1Q15
Direct Premiums 4.3 6.9 6.3
Reserves Provisions 54.3 99.2 (39.0)
Acquisition cost 0.0 0.0 0.0
Technical Income (292.1) (324.7) (195.1)
Net Financial Income
525.4 496.2 376.1
Net Income 394.7 140.9 191.7
Assets 26,413.0 26,085.7 25,872.2
Investments 19,590.3 19,363.6 19,307.4
Reserves 15,713.7 15,660.4 15,774.2
Stockholders' Equity 10,563.1 10,168.4 9,972.2
18
FIANZAS GUARDIANA INBURSA(Bonding)
INVERSORA BURSATIL(Brokerage House)
Inversora Bursatil posted profits of$177 MM Ps in 1Q16 vs $9 MM Ps in1Q15. This result is explained bymore income coming from itsinvestment portfolio. Stockholders´equity stood at $2,400 MM Ps inMar-16, after having paid adividend of.$102 MM Ps in May2015 compared with $2,162 MM PsinMar-15, a 11% increase. Ifadjusted by dividend paymentsthe growth would have been15.7%.
Select Figures
Net income reached $813 MM Ps in 1Q16 vs $98 MM Ps same period last year a consequence ofmore than $800 MM Ps reserve releases due to the implementation of Solvency II. Stockholders´equity stood at $2,031 MM Ps in March 2016 compared with $1,236 MM Ps in March 2015, a64.3% increase.
Selected Financial Information
MM Ps. 1Q16 4Q15 1Q15
Operating Margin
246.0 (8.0) (41.0)
Interest Income 305.0 489.0 334.0
Net Income 177.0 (2.0) 9.0
Total Assets 9,582.0 9,202.0 7,746.0
Investment Portfolio
8,936.0 8,599.0 7,121.0
Stockholders' Equity
2,400.0 2,343.0 2,162.0
Assets in Custody 2,320,693.0 2,190,740.0 2,378,655.4
MM Ps. 1Q16 4Q15 1Q15
Direct Premiums 496.0 482.4 465.0
Technical Income 111.6 105.0 98.3
Earnings From Investments
13.3 21.0 19.6
Net Income 813.9 107.1 98.4
Total Assets 3,635.3 4,066.8 3,616.6
Investments 2,710.9 2,785.1 2,333.6
Reserves 1,088.0 2,211.0 2,137.2
Stockholders' Equity
2,031.0 1,516.9 1,236.1
19
APPENDIXBanco Inbursa
20
TIER 1 CAPITAL 61,551
STOCKHOLDERS' EQUITY 77,901 SUBORDINATED DEBT & CAPITALIZATION INSTRUMENTSLESS: INVESMENT IN SUBORDINATED DEBT
INVESTMENTS IN FINANCIAL INSTITUTIONS 14,831 INVESTMENTS IN NON-FINANCIAL INSTITUTIONS 8 FINANCING GRANTED FOR THE AQUISITION OF SHARESOF THE BANK OR OTHER GROUP SUBSIDIARIESEXCESS ON DEFERRED TAXESRESTRUCTURING CHARGES & OTHER INTANGIBLES 1,511 PREVENTIVE RESERVES PENDING TO BE CONSTITUITED AND CONSTITUITED OTHER ASSETS
TIER 2 CAPITAL 0
CAPITALIZATION INSTRUMENTSGENERAL PREVENTIVE RESERVESSUBORDINATED DEBT
TIER 1 & 2 CAPITAL 61,551
RISK - WEIGHTED ASSETS
RISK WEIGHTED ASSETS
REQUIRED CAPITAL
PESO NOMINAL INTEREST RATE OPERATIONS 34,387 2,751
PESO OR UDI REAL INTEREST RATE OPERATIONS 481 39
FOREIGN CURRENCY NOMINAL INTEREST RATE 19,830 1,586
POSITION IN UDIS OR WITH A RETURN INDEXED TO INFLATION 10 1
POSITIONS IN FOREIGN CURRENCY OR INDEXED TO THE FX RATE 7,414 593
POSITIONS IN GOLD 5 0
POSITIONS IN SHARES OR INDEXED TO THE PRICE OF SECURITIES 35,787 2,863
EQUITY REQUIREMENT BY GAMMA IMPACT 555 44
EQUITY REQUIREMENT BY VEGA IMPACT 31 2
98,500 7,880
RISK WEIGHTED ASSETS
REQUIRED CAPITAL
GROUP I 12 1
GROUP II
GROUP III 25,676 2,054
GROUP IV
GROUP V 4,378 350
GROUP VI 6,527 522
GROUP VII 163,004 13,040
GROUP VIII 2,470 198
GROUP IX 2,719 218
RELATED GROUPS 18,559 1,485
223,333 17,867
CAPITAL REQUIREMENTS ON: PERMANENT EQUITY,FURNITURE & EQUIPMENT, PREPAYMENTS AND DEFERRED CHARGES 6,195 496
229,528 18,363
RISK WEIGHTED ASSETS
REQUIRED CAPITAL
CAPITAL REQUIRMENTS FOR OPERATIONAL RISK 19,772 1,582
19,772 1,582
347,800 27,825
TOTAL
CREDIT RISK - WEIGHTED ASSETS
SUB-TOTAL
TOTAL
OPERATIONAL RISK - WEIGHTED ASSETS
CAPITALIZATION
Million Pesos
MARKET RISK - WEIGHTED ASSETS
As of February 29, 2016
REQUIRMENT FOR TOTAL RISKS
SUB-TOTAL
21
TRADING PORTFOLIO 21,516,314
Stocks 6,221,282
Bonds 5,457,706
Government Securities 5,304,112
Bankers´ Acceptances
Cebur´s 4,533,214
SECURITIES HELD FOR SALE 0
Bonds
SECURITIES HOLD TO MATURITY 0
Credit Link
REPURCHASE AGREEMENTS 20,976,060
Cetes
Bondes 20,387,003
Bankers´ Acceptances 589,057
RESELL AGREEMENTS 13,590,302
Cetes
Bondes 13,001,246
Bankers´ Acceptances 589,056
TOTAL DEFERRED TAXES 458,688
Negotiable Financial Instruments -156,115
Negotiable Financial Instruments valuation (except stocks) 45,511
Stocks 73,345
Foreign stocks 603,533
YPF Petersen stocks (642,817)
Foreign stocks exchange rate 108,514
Foreign stocks (San Antonio Oil & Gas) (69,600)
Sinca´s good will amortization (7,191)
Ternium good will amortization 10,954
Invex goodwill amortization 31,271
Lamosa good will amortization 4,710
CFSM good will amortization 43,007
NYT warrant prime amortization 75,066
Rosarito goodwill amortization 3,710
Leasing deduction 3,789
Fix assets deduction (27,443)
Commissions amortization (11,003)
Prepayments 26,436
Rosarito portfolio 7,254
Reposessed assets (123,766)
Fiscal Diference valuation 50,446
Fiscal Diference valuation (Euro) (9,297)
Swaps interest (23,157)
Futures 69,784
Fiscal Diference valuation (Swaps) 645,681
Interest valuation (68,253)
Financial Instruments Valuation (Bonds) (1,175)
Swaps valuation (2007 and before) (204,506)
March 31, 2016(Constant 000´s Pesos as of March 31, 2016)
March 31, 2016DEFERRED TAXES
(Constant 000´s Pesos as of March 31, 2016)
INVESTMENT IN SECURITIES
REPURCHASE PORTFOLIO
March 31, 2016(Constant 000´s Pesos as of March 31, 2016)
22
LOAN PORTFOLIO(Constant MM Pesos as of March 31, 2016)
PERFORMING LOANS
NON PERFORMING LOANS
Commercial 168,160 5,334Interbank 9,473Consumer 39,361 2,030Mortgages 4,589 244Government 14,265
Total 235,848 7,608
1Q16 LOAN PORTFOLIO 1Q16
Total Loan Portfolio 243,456
Loan Loss Reserves 10,730
TOTAL LOAN PORTFOLIO (NET) 232,726
PESOS UDI´s USD TOTAL BANK
PERFORMING LOANS
Commercial 105,134 63,026 168,160
Interbank 3,302 6,171 9,473
Consumer 39,361 39,361
Mortgages 4,588 1 4,589
Government 14,265 14,265
Total Performing Loans 166,650 1 69,197 235,848
NON PERFORMING LOANS
Commercial 4,420 914 5,334
Interbank 0
Consumer 2,029 1 2,030
Mortgages 244 244
Government
Total Non Permorming Loans 6,693 1 914 7,608
LOAN PORTFOLIO BREAKDOWN BY CURRENCY
- Adjustment for inflation Dec ´15 - Mar ´16 139
Loan Loss Reserves at Dec, 2015 (million nominal pesos) 11,889
+ Provisions recorded during the period 1,143
+ Currency valuation & other -2,302
Loan Loss Reserves at March 31, 2016 10,730
12,028
INBURSA: ALLOWANCE FOR LOAN LOSS RESERVES
Loan Loss Reserves at December 31, 2015
23
LOAN PORTFOLIO RATINGS(Constant MM Pesos as March 31 2016)
The risk rating of the lines of credit and the necessary preventive reserves are calculated according to the standardprocess established in the circular 1480 of the national banking and securities commission (CNBV) datedSeptember 29, 2000
Loan Subject to
Clasification
Loan Loss Reserves
LOAN PORTFOLIO 253,340.9 11,981.2
Commercial Loans 183,379.3 6,158.0Risk "A" 150,543.40 963.4Risk "B" 24,363.4 527.0Risk "C" 1,510.9 134.8Risk "D" 4,039.2 1,582.2Risk "E" 2,922.3 2,922.3Except Federal GovernmentPast Due Interest 28.4
Interbank Loans 9,473.0 303.9Risk "A" 8,118.1 264.0Risk "B" 1,167.6 27.4Risk "C" 186.8 12.3Risk "D" 0.3 0.1Risk "E" 0.1 0.1
Mortgages Loans 4,833.4 157.3Risk "A" 2,368.3 6.8Risk "B" 1,751.9 17.3Risk "C" 488.1 22.3Risk "D" 117.6 27.7Risk "E" 107.5 80.7Past Due Interest 2.6
Consumer Loans 41,390.4 4,073.1Risk "A" 18,942.9 363.7Risk "B" 14,333.9 852.3Risk "C" 3,280.9 447.9Risk "D" 2,128.7 633.1Risk "E" 2,704.1 1,759.8Past Due Interest 16.4
Government Loans 14,264.8 37.7Risk "A" 14,264.8 37.7Risk "B"Risk "C"Risk "D"Risk "E"
Aditional Reserves 1,251.2
24
CNBV GAAPFinancial Statements
25
GRUPO FINANCIERO INBURSAConsolidated Income Statement(quarterly)
(Million Pesos.) 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Interest Income 5,363 5,452 5,823 5,896 6,501 6,398Premiums written (net) 3,686 3,763 3,683 3,811 4,240 5,150Interest Expense (1,872) (2,057) (2,058) (1,966) (2,135) (2,155)Increased in reserve for unearned premiums (430) (369) (457) (465) (1,222) (1,459)Cost of claims and contractual obligations (net) (2,492) (2,410) (2,661) (2,729) (2,645) (2,431)
FINANCIAL MARGIN 4,254 4,380 4,331 4,547 4,739 5,503
Loan Loss Provisions 1,673 979 452 998 1,411 1,793
RISK ADJUSTED NII 2,581 3,401 3,879 3,549 3,328 3,710
Comissions and Fees income 1,156 1,175 1,063 1,228 1,768 1,178Comissions and Fees expenses (852) (906) (791) (1,063) (1,193) (1,273)Market-Related Income (3,903) (1,544) 2,875 (4,729) 712 (576)Other operational income (expense) 7,121 4,007 1,351 2,091 427 1,204Non-Interest Expense (2,017) (1,945) (1,950) (1,920) (2,311) (2,247)
OPERATING INCOME 4,086 4,188 6,428 (844) 2,730 1,996
Subsidiaries' Net Income 214 190 306 262 364 227
NET INCOME BEFORES TAXES 4,300 4,379 6,734 (582) 3,094 2,223
Incurred Income Tax & Profit Sharing (620) (1,123) (1,129) (1,026) (448) (467)Deferred Income Tax (net) 1,247 754 (819) 1,902 47 350
RESULTS FROM CONTINUED OPERATION 4,928 4,010 4,786 294 2,694 2,106
Discontinued Operations & Extraordinary Items 0 0 0 0 0 0
NET INCOME 4,928 4,010 4,786 294 2,694 2,106
MINORITARY INTEREST (26) 8 (11) 7 52 (5)
26
GRUPO FINANCIERO INBURSAConsolidated Balance SheetMillion Pesos
ASSETS Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
Cash & Due From Banks 13,432 20,865 16,921 18,218 17,000 26,239
Margin Accounts 3,434 2,637 1,909 4,254 2,723 492
Financial Instruments 89,361 91,210 89,625 88,740 86,946 94,941 Negotiable 58,329 62,005 60,517 57,970 56,146 66,551 For Sale 379 76 76 1,559 1,686 11,594 Held to Maturity 30,653 29,128 29,031 29,211 29,113 16,796
Repos & Derivatives 22,455 14,245 20,210 8,866 14,662 14,783 Repo Operations 12,941 3,463 12,390 861 7,382 1,665 Securities to be received in credit Operations 0 0 0 0 0 0 Derivatives 9,514 10,782 7,821 8,005 7,280 13,118
Adjusted Valuation for Financial Assets 1,066 1,129 1,090 1,050 928 863
LOANS 195,552 210,440 225,865 225,741 230,223 235,848 Commercial 143,234 156,089 162,206 161,788 163,996 168,160 Interbank 6,225 6,042 8,751 8,455 8,764 9,473 Consumer 25,870 27,467 33,473 36,119 39,116 39,361 Housing 1,333 2,019 2,678 3,240 4,007 4,589 Governments 18,889 18,824 18,757 16,139 14,340 14,265 FOBAPROA 0 0 0 0 0 0
PAST-DUE LOANS 7,429 7,291 7,453 7,606 7,256 7,608
TOTAL GROSS LOANS 202,981 217,730 233,318 233,347 237,479 243,456
Loan Loss Reserves 15,354 12,546 12,070 10,499 10,696 10,689
TOTAL NET LOANS 187,626 205,184 221,248 222,848 226,783 232,767
Insurance and bonding companies 841 463 3,490 419 1,780 390Premium debtors (net) 9,611 8,741 6,719 6,209 7,266 7,859Reinsurance and rebonders 20,700 20,495 44,238 35,563 33,008 31,433Receivables,Sundry Debtors & Adv. Payments (net) 16,630 22,221 17,563 20,814 22,432 20,325Repossessed Assets (net) 3,149 3,140 3,109 2,899 3,001 2,960Fixed Assets (net) 5,661 5,647 5,759 5,751 6,117 6,117Permanent Equity Investments 8,692 10,065 10,423 10,869 11,987 12,430Deferred taxes (net) 0 0 0 0 0 0Other assets,deferred charges & intangible 3,085 2,132 4,341 5,152 5,088 4,160
TOTAL ASSETS 385,743 408,175 446,646 431,652 439,722 455,759
27
LIABILITIES Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
DEPOSITS 171,158 180,765 194,829 190,270 195,988 213,256 Demand Deposits 69,107 77,408 73,549 70,269 76,634 81,262 Time Deposits 14,327 14,444 36,871 18,734 16,002 34,050 Unsecured Notes (CEBURES) 87,724 88,913 84,409 101,267 103,352 97,944
INTERBANK LOANS & OTHER 5,851 6,472 12,024 9,860 7,219 7,437
TECHNICAL RESERVES 69,028 69,660 94,024 86,464 85,292 83,349
22,057 24,837 19,776 27,221 26,706 29,437Repo Operations 4,054 3,684 3,666 5,773 6,401 6,722Credit related operationsDerivatives 18,003 21,153 16,110 21,448 20,305 22,715
Adjusted Valuation for Fianacial Liabilities 0 0 0 0 0 0
REINSURANCE AND REBONDERS 4,226 4,128 2,454 1,828 1,888 1,241
OTHER ACCOUNTS PAYABLE 11,795 17,911 17,175 10,779 14,834 9,998 Income tax & Employee profit sharing 2,647 1,439 2,373 3,321 1,928 906 Other accounts payable 9,148 16,472 14,802 7,458 12,907 9,092
DEFERRED TAXES 3,816 2,800 2,630 812 845 1,193DEFERRED CREDITS 508 522 680 693 829 896
TOTAL LIABILITIES 288,438 307,093 343,594 327,927 333,602 346,807
STOCKHOLDERS´EQUITY
SUSCRIBED CAPITAL 27,409 27,409 27,409 27,408 27,409 27,403 Paid-in Capital 14,207 14,207 14,207 14,207 14,207 14,202 Share Subscription Premium 13,202 13,202 13,202 13,201 13,202 13,201 Subordinated debt 0 0 0 0 0 0
EARNED CAPITAL 69,808 73,577 75,578 76,208 78,616 81,447 Capital Reserves 3,098 3,098 3,098 3,098 3,098 2,776 Retained Earnings 49,592 67,450 64,654 64,995 64,763 77,531 Valuation surplus (Deficit) of available for sale instruments (972) (972) (972) (970) (972) (971) Result from conversion of foreign transactions 0 0 0 0 0 0 Valuation effects on affiliates and associated firms 0 0 0 0 0 0 Surplus (deficit) from Equity Restatement 0 0 0 0 0 0 Net Income of the period 18,091 4,002 8,798 9,085 11,727 2,111
Minority Interest 88 96 66 109 96 102
TOTAL STOCKHOLDERS´ EQUITY 97,305 101,082 103,053 103,725 106,120 108,952
LIABILITIES & STOCKHOLDERS´ EQUITY 385,743 408,175 446,646 431,652 439,722 455,759
28
GRUPO FINANCIERO INBURSAMEMORANDUM ACCOUNTSMillion Pesos
CUSTOMER POSITION ACCOUNTS Mar-16 Mar-16
CUSTOMER CURRENT ACCOUNTS (92)
Customer bank balances 2 Contingency assets and liabilities 56,275
Custumer transaction liquidations (94) Assets under trust 392,207
Client loans Assets under custody or administration 440,283
Irrevocable lines of credit granted
CUSTOMER SECURITIES 2,266,600 Shares held in custody
Assets in custody or under administration 2,266,600 Other contingent obligations 82,210
Assets received in guarantee Collaterals 67,291
Others 1,079,789
TRANSACTIONS ON BEHALF OF CUSTOMERS 0
Customer Repos
Customer Securities Loans
Purchase of Derivatives
Trusts 40,235
TOTAL CUSTOMER POSITION 2,306,743 TOTAL OWN POSITION 2,118,055
COMPANY POSITION ACCOUNTS
29
GRUPO FINANCIERO INBURSASTATEMENT OF CHANGES IN FINANCIAL SITUATION AT MARCH 31, 2016
(MM PS)
Mar-16
OPERATING ACTIVITIESNet Income 2,111
Subsidiaries' Income (227)Depreciation & Amortization 81Deferred assets AmortizationTechnical reserves 237Loan Loss Reserves 1,459Market Related ResultValuation ResultLosses Deferred taxes 118Others
3,779
Margin Accounts 2,231Financial Instruments (7,995)Repos Debtors 5,717Derivatives (Assets) (5,838)Cash increase (decrease) from Loan Portfolio (5,985)Insurance and bonding accounts 1,390Premium debtors (593)Reinsurances and rebonding (Assets) 1,575Repossed Assets 41Operative Assets 2,551Cash increase (decrease) from funding 17,267Banking Loans & Other Financial Institutions 218Repos 321Derivatives (Liabilities) 2,411Reinsurances and rebonding (Liabilities) (648)Operative Liabilities (1,852)Taxes (1,400)Others (3,337)
6,074
Cash flow from operating activities 9,853
Financing Activities 0
Repurchases stock program (327)Dividends PaymentSpin-Offs
Cash Flow From Financing Activities (327)
Investments Activities
Buy(sell) of fixed permanent stocksBuy(sell) of fixed assets (79)Receivables,Sundry Debtors & Adv. PaymentsSubsidiariesRepossessed PropertyBuy(sell) cash dividendsDeferred TaxesOther Accounts Payable & Recievable (208)
Cash Flow From Investment Activities (287)
Net Increase in Cash 9,239
Cash at beginning of the period 17,000
Cash at end of period 26,239
30
BANCO INBURSAConsolidated Income Statement
Million Pesos 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Interest Income 4,092.2 4,190.3 5,000.1 5,178.0 5,503.0 5,733.8Interest Expense 1,908.9 1,939.9 1,961.2 1,996.0 1,913.4 2,097.9
Financial Margin 2,183.3 2,250.3 3,038.9 3,182.0 3,589.6 3,635.9
Loan Loss Provisions 1,289.9 677.8 481.0 968.8 1,349.4 1,727.3
Risk Adjusted Net Interest Income 893.4 1,572.6 2,557.9 2,213.1 2,240.2 1,908.6
Comissions and Fees 813.8 772.6 782.9 765.0 1,133.3 798.9Market-Related Income (3,902.1) (1,327.9) 2,714.6 (4,654.4) 685.5 (2,032.0)Other operational income (expense) 6,657.6 3,568.5 904.8 1,746.8 82.5 952.5
Operating Revenues 4,462.6 4,585.7 6,960.2 70.5 4,141.6 1,628.0
Non-Interest Expense 1,300.7 1,140.6 1,418.3 1,419.1 1,698.1 1,725.5
Operating Income 3,161.9 3,445.1 5,541.9 (1,348.5) 2,443.4 (97.5)
Other Income (Expenses) 0.0 0.0 0.0 0.0 0.0 0.0
Earnings Before Taxes 3,161.9 3,445.1 5,541.9 (1,348.5) 2,443.4 (97.5)
Incurred Income Tax & Profit Sharing 120.1 638.0 999.7 708.1 246.3 295.6Deferred Income Tax (1,008.6) (475.9) 679.9 (1,716.0) 85.7 (562.2)
Net Income Before Subsidiaries' Net Income 4,050.5 3,283.0 3,862.3 (340.7) 2,111.5 169.1
Subsidiaries' Net Income 249.3 216.1 311.4 322.6 344.8 219.7
Continous Operations' Net Income 4,299.8 3,499.1 4,173.7 (18.1) 2,456.2 388.8
Discontinued Operations & Extraordinary Items 0.0 0.0 0.0 0.0 0.0 0.0Minority Interest (40.7) (31.0) (17.1) (78.9) (93.3) (17.1)
Net Income 4,259.1 3,468.1 4,156.6 (97.0) 2,362.9 371.7
31
BANCO INBURSAConsolidated Balance SheetMillion Pesos
Assets 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Cash & Due From Banks 13,554.5 20,744.3 17,076.5 18,208.7 17,127.4 26,386.9
Margin Accounts 3,433.6 2,637.1 1,909.0 4,253.8 2,723.1 491.9
Financial Instruments 25,566.4 25,906.0 25,953.1 23,413.2 23,277.7 28,054.2 Negotiable 25,263.6 25,906.0 25,953.1 23,413.2 23,277.7 28,054.2 For Sale 302.7 0.0 0.0 0.0 0.0 0.0 Held to Maturity 0.0 0.0 0.0 0.0 0.0 0.0 Unlisted Securities 0.0 0.0 0.0 0.0 0.0 0.0Repos & Derivatives 22,776.4 14,206.7 19,981.2 8,704.0 14,510.0 14,929.0 Repo Operations 13,007.6 3,460.6 12,392.2 864.1 7,385.8 1,662.2 Securities to be received in credit Operations 0.0 0.0 0.0 0.0 0.0 0.0 Derivatives 9,768.8 10,746.1 7,589.0 7,839.9 7,124.2 13,266.8
Adjusted Valuation for Financial Assets 1,065.6 1,129.4 1,090.1 1,050.3 928.1 862.9
LOANS 193,134.6 206,751.6 225,865.2 225,740.5 230,223.1 235,848.3 Commercial 140,429.9 153,091.1 162,206.0 161,788.1 163,995.7 168,160.6 Interbank 14,555.9 13,901.7 8,750.7 8,455.0 8,763.9 9,472.7 Consumer 17,926.8 18,916.2 33,473.2 36,118.9 39,116.4 39,360.8 Housing 1,333.3 2,018.6 2,677.9 3,239.6 4,007.3 4,589.4 Governments 18,888.7 18,823.9 18,757.3 16,139.0 14,339.8 14,264.8 FOBAPROA 0.0 0.0 0.0 0.0 0.0 0.0Past-Due Loans 6,846.6 6,643.2 7,453.2 7,605.9 7,256.0 7,608.1
Total Gross Loans 199,981.2 213,394.7 233,318.4 233,346.4 237,479.1 243,456.4
Preventive Provision for Credit Risks (14,338.9) (11,477.8) (12,204.1) (10,604.6) (10,739.3) (10,730.0)
Total Net Loans 185,642.3 201,916.9 221,114.3 222,741.8 226,739.7 232,726.30.0 0.0 0.0 0.0
Receivables,Sundry Debtors & Adv. Payments 15,796.0 21,461.5 16,866.1 20,093.8 21,755.4 19,530.4Fixed Assets (net) 1,449.0 1,457.9 1,756.2 1,756.5 1,871.0 1,857.6Repossessed Property 3,077.6 3,067.2 3,037.9 2,828.0 2,930.6 2,888.1Permanent Equity Investments 8,534.3 9,936.7 10,324.4 10,774.0 11,877.6 12,053.3Deferred taxes (net) 0.0 0.0 0.0 576.1 389.9 1,104.0Other assets,deferred charges & intangible 947.2 795.5 2,772.0 3,379.1 3,415.8 2,996.8TOTAL ASSETS 281,842.8 303,259.3 321,880.8 317,779.2 327,546.5 343,881.5
32
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Deposits 176,350.0 185,939.4 199,704.6 195,391.7 203,921.4 221,629.1 Demand Deposits 69,328.2 77,759.3 73,789.4 70,374.5 76,895.1 81,534.8 Time Deposits 15,234.8 15,547.6 37,794.1 20,053.1 17,228.4 35,929.3 Unsecured Notes (CEBURES) 91,787.0 92,632.6 88,121.2 104,964.1 109,797.9 104,165.0
Interbank Loans & Other 5,354.6 5,806.0 12,024.3 12,894.5 8,869.9 9,781.2Repo Operations 0.0 0.0 0.0 0.0 0.0 0.0Credit Related Operations 0.0 0.0 0.0 0.0 0.0 0.0Derivatives 18,002.9 20,895.3 15,649.2 21,121.1 19,994.4 22,740.8Other Accounts Payable 5,992.7 11,710.0 10,844.7 4,766.5 10,371.9 6,583.9Income Tax & Employee Profit Sharing 616.9 715.2 1,707.3 2,343.8 901.5 258.8Deferred Taxes 2,379.2 1,772.7 1,039.7 0.0 0.0 0.0Deferred Credits 363.1 369.0 521.0 528.8 646.8 755.8
TOTAL LIABILITIES 209,059.5 227,207.7 241,490.8 237,046.5 244,706.0 261,749.5
SUSCRIBED CAPITAL 25,264.3 25,264.3 25,264.3 25,264.3 25,264.3 25,264.3 Paid-in Capital 17,579.5 17,579.5 17,579.5 17,579.5 17,579.5 17,579.5 Share subscription premium 7,684.8 7,684.8 7,684.8 7,684.8 7,684.8 7,684.8
EARNED CAPITAL 47,519.1 50,787.2 55,125.7 55,468.5 57,576.2 56,867.7 Capital Reserves 8,376.8 8,376.8 9,904.5 9,904.5 9,904.5 9,904.5 Retained Earnings 23,427.6 37,982.9 34,640.1 34,675.2 34,674.3 43,291.9 Income of Changes on Accounting Principles 264.5 264.7 264.7 1,228.9 1,082.0 1,059.0 Available for Sale 11.3 0.0 0.0 0.0 0.0 0.0
18.6 (60.4) (57.2) (15.6) Surplus (deficit) from equity restatement (305.0) (525.8) (543.5) (462.8) (618.8) (450.5) Net income of the period 14,553.6 3,468.1 7,624.7 7,527.7 9,890.7 371.7 Minority Interest 1,190.1 1,220.4 3,216.5 2,655.4 2,700.8 2,706.6Total Stockholders Equity 72,783.4 76,051.5 80,390.0 80,732.8 82,840.5 82,132.0LIABILITIES & STOCKHOLDERS´ EQUITY 281,842.8 303,259.3 321,880.8 317,779.2 327,546.5 343,881.5
33
MEMORANDUM ACCOUNTSMillion Pesos 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
0.0 0.0
Guarantees Granted 0.0 0.0 0.0 0.0 0.0 0.0
Other Contingent Obligations 0.0 0.0 0.0 0.0 0.0 0.0
Irrevocable Lines of Credit Granted 6,287.0 6,743.5 14,932.8 44,976.9 77,112.5 82,210.2
Goods in Trust or Mandate 382,866.4 384,017.4 384,849.4 380,503.0 374,153.3 392,206.9
Investment Banking Operations on Behalf of Third Parties 0.0 0.0 0.0 0.0 0.0 0.0
Goods in Custody or Under Administration 605,268.7 587,214.0 661,075.8 568,378.5 399,814.0 438,735.0
Collaterals received 125,431.8 59,198.9 50,996.5 73,633.9 34,545.9 5,667.5
Amounts Contracted in Derivative Instruments 0.0 0.0 0.0 0.0 0.0 0.0
Other accounts 1,044,430.3 1,089,077.2 1,093,435.7 1,046,132.6 981,897.3 1,015,335.0
2,164,284.1 2,126,250.9 2,205,290.2 2,113,624.8 1,867,523.0 1,934,154.5
34
BANCO INBURSA, S.A.STATEMENT OF CHANGES IN FINANCIAL SITUATION AT MARCH 31, 2016
(MM PS)
Mar-16
OPERATING ACTIVITIESNet Income 372
Subsidiaries' Income 220Depreciation & Amortization 44Loan Loss ReservesMarket Related ResultValuation ResultDeferred taxes (267)ProvisionsOthers 1,727
2,096
Margin Accounts 2,231Financial Instruments (4,777)Repos debtors 5,724Derivatives (Assets) (6,290)Cash increase (decrease) from Loan Portfolio (7,714)Repossed Assets 43Operative Assets 2,225Cash increase (decrease) from demand deposits & time deposits 23,393Unsecured notes (5,685)Banking Loans & Other Financial Institutions 911Derivatives (Liabilities) 2,803Operative Liabilities (2,947)Taxes (907)Coverage instruments 156
9,166
Cash flow from operating activities 11,262
Financing Activities (800)
Dividends Payment (800)Spin-Offs
Cash Flow From Financing Activities (800)
Investments Activities
Buy(sell) of fixed permanent stocks (395)Buy(sell) of fixed assets (30)Receivables,Sundry Debtors & Adv. PaymentsDeferred ChargesRepossessed PropertyOther assets, deferred charges & intangibleDeferred TaxesOthers (777)
Cash Flow From Investment Activities (1,202)
Net Increase in Cash 9,259
Cash at beginning of the period 17,127
Cash at end of period 26,387
35
OPERADORA INBURSAIncome Statement
Million Pesos 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Earnings from Investment Sales 0.6 0.7 0.7 0.7 1.1 1.0
Asset Management Income 146.0 142.5 143.8 144.2 142.8 136.5
Earnings form Interest 0.1 1.6 0.1 0.1 0.1 0.2
Unrealized Gain on Portfolio Valuation (1.6) (17.2) (19.6) (2.5) (17.6) 23.9
Total Earnings 145.1 127.7 125.1 142.5 126.4 161.5
General Expenses 69.0 66.6 67.3 67.2 67.4 64.3
Total expenses 69.0 66.6 67.3 67.2 67.4 64.3
Earnings Before Taxes 76.1 61.1 57.8 75.3 59.0 97.3
Incurred Income Tax & Profit Sharing 19.8 13.4 15.8 19.1 11.8 27.2
Net Income Before Deferred Accounts 56.3 47.7 41.9 56.2 47.2 70.0
Earnings from subsidiaries 11.6 6.5 6.1 23.2 11.8 10.4
Unadjusted for monetary position result 68.0 54.2 48.0 79.4 58.9 80.5
Net income result actualization 0.0 0.0 0.0 0.0 0.0 0.0
Net income 68.0 54.2 48.0 79.4 58.9 80.5
36
OPERADORA INBURSABALANCE SHEETMillion Pesos
ASSETS 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Cash 0.0 0.0 0.0 0.0 0.0 0.0Banks 0.0 0.1 0.6 0.1 0.6 0.1Negotiable Instruments 971.8 1,023.8 959.7 1,036.7 1,025.1 982.4Sundry Debtors 56.5 74.2 57.8 60.4 54.4 57.7Provisional Payments 0.0 0.0 37.0 59.4 0.0 13.9Permanent investments 508.0 514.5 520.6 543.8 555.6 566.0Receivable Taxes 0.0 0.0 0.0 0.0 0.0 0.0
TOTAL ASSETS 1,536.2 1,612.6 1,575.7 1,700.4 1,635.7 1,620.1LIABILITIES & STOCKHOLDERS' EQUITY
Sundry Creditors 1.0 25.4 24.6 47.8 0.3 24.6
Payable Taxes 22.2 34.4 58.0 84.1 18.9 31.9
Deferred Income Tax 178.0 168.6 160.9 156.9 146.0 152.5TOTAL LIABILITIES 201.3 228.4 243.5 288.8 165.1 209.0
STOCKHOLDERS' EQUITYStockholders' Equity 23.9 23.9 23.9 23.9 23.9 23.9Legal Reserve 4.4 4.4 4.4 4.4 4.4 4.4
Retained Earnings 920.4 1,301.6 1,201.6 1,201.6 1,201.6 1,302.2Surplus (deficit) from equity restatement 0.0 0.0 0.0 0.0 0.0 0.0Net income 386.2 54.2 102.2 181.7 240.6 80.5
TOTAL STOCKHOLDERS´ EQUITY 1,335.0 1,384.2 1,332.2 1,411.6 1,470.6 1,411.0
TOTAL LIABILITIES & STOCKHOLDERS´ EQUITY 1,536.2 1,612.6 1,575.7 1,700.4 1,635.7 1,620.1
37
INVERSORA BURSATILIncome Statement
Million Pesos 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Commisions & Tariffs 149.0 111.0 210.0 148.0 109.0 72.0Earnings From Services 149.0 111.0 210.0 148.0 109.0 72.0
Income from sale of securities 167.0 32.0 47.0 107.0 77.0 65.0Interest Income 425.0 334.0 270.0 251.0 489.0 305.0Interest Expense (442.0) (329.0) (256.0) (281.0) (515.0) (324.0)Unrealized gain on Portfolio Valuation (222.0) (126.0) (8.0) 47.0 (92.0) 200.0Financial Margin (72.0) (89.0) 53.0 124.0 (41.0) 246.0
Operating Income 77.0 22.0 263.0 272.0 68.0 318.0
General Expenses 69.0 63.0 68.0 67.0 76.0 72.0
Operating Margin 8.0 (41.0) 195.0 205.0 (8.0) 246.0
Other Expenses (Income) 0.0 0.0 0.0 0.0 0.0 0.0
Net Income Before Income Tax & Profit Sharing 8.0 (41.0) 195.0 205.0 (8.0) 246.0
Incurred Income Tax & Profit Sharing 41.0 22.0 57.0 44.0 21.0 9.0Deffered Income Tax (47.0) (72.0) 0.0 15.0 (27.0) 60.0
Net Income Before Subsidiaries' Net Income 14.0 9.0 138.0 146.0 (2.0) 177.0
Subsidiaries' Net Income 0.0 0.0 0.0 0.0 0.0 0.0
Net Income 14.0 9.0 138.0 146.0 (2.0) 177.0
38
INVERSORA BURSATILMillion Pesos
ASSETS 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Cash & Banks 0.0 0.0 0.0 0.0 0.0 0.0
FINANCIAL INSTRUMENTS 6,219.0 7,121.0 7,206.0 7,978.0 8,599.0 8,936.0Negotiable 6,219.0 7,121.0 7,206.0 7,978.0 8,599.0 8,936.0Under repurchase receivable agreements 0.0 0.0 0.0 0.0 0.0 0.0
Repos & Derivatives 24.0 2.0 2.0 1.0 2.0 7.0Repo Operations 24.0 2.0 2.0 1.0 2.0 7.0
Other accounts receivable 44.0 67.0 79.0 91.0 45.0 67.00.0 0.0 0.0 0.0 0.0 0.0
Fixed assets,net 17.0 17.0 17.0 15.0 16.0 14.00.0 0.0
Permanent equity investments 1.0 1.0 1.0 1.0 1.0 1.0
Other Assets 515.0 538.0 561.0 594.0 539.0 557.0
TOTAL ASSETS 6,820.0 7,746.0 7,866.0 8,680.0 9,202.0 9,582.0LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES Securities & Derivatives 4,146.0 3,684.0 3,671.0 5,777.0 6,407.0 6,726.0Repo Operations 4,146.0 3,684.0 3,671.0 5,777.0 6,407.0 6,726.0
Other Account Payable 169.0 1,619.0 1,715.0 261.0 183.0 127.0Income Tax & Employee profit sharing provision 86.0 62.0 122.0 163.0 95.0 41.0Sundry creditors & other accounts payable 83.0 1,557.0 1,593.0 98.0 88.0 86.0
Deferred taxes 353.0 281.0 281.0 297.0 269.0 329.0
Total Liabilities 4,668.0 5,584.0 5,667.0 6,335.0 6,859.0 7,182.0
STOCKHOLDERS' EQUITY
Suscribed capital 1,608.0 1,608.0 1,608.0 1,608.0 1,608.0 1,608.0Paid-in capital 1,608.0 1,608.0 1,608.0 1,608.0 1,608.0 1,608.0
Earned Capital 544.0 554.0 591.0 737.0 735.0 792.0Capital reserves 321.0 322.0 322.0 322.0 322.0 322.0Retained earnings 10.0 223.0 122.0 122.0 122.0 293.0Valuation effect in financial instruments 0.0 0.0 0.0 0.0 0.0 0.0Surplus (deficit) of equity restatement 0.0 0.0 0.0 0.0 0.0 0.0Net icome 213.0 9.0 147.0 293.0 291.0 177.0
Stockholders' Equity 2,152.0 2,162.0 2,199.0 2,345.0 2,343.0 2,400.0
Total Liabilities & Stockholders Equity 6,820.0 7,746.0 7,866.0 8,680.0 9,202.0 9,582.0
39
SEGUROS INBURSAIncome Statement Million Pesos 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Premiums written 4,829.4 5,207.3 4,144.0 4,701.8 4,497.2 5,559.4Premiums ceded 1,800.1 2,202.6 1,102.6 1,540.1 897.1 1,474.7Retained Premiums 3,029.3 3,004.6 3,041.3 3,161.6 3,600.1 4,084.7
Increased in reserve for unearned premiums 202.9 13.9 345.6 177.6 820.8 1,920.2
Retained earned premiums 2,826.4 2,990.7 2,695.8 2,984.0 2,779.3 2,164.4
Net Acquisition Cost 475.8 467.3 527.0 532.1 568.3 645.9 Commisions to agents 261.1 269.0 253.2 262.1 289.1 415.6 Additional compensation to agents 118.1 119.8 119.6 114.2 115.9 136.7 Commisions for re-insurance taken 12.2 12.4 3.0 11.0 10.6 9.3 Commisions for re-insurance given (172.6) (201.7) (138.4) (150.7) (134.0) (178.6) Coverage on losses excess 102.1 59.2 66.2 77.5 69.9 68.2 Others 154.8 208.6 223.4 217.9 216.7 194.7
Net cost of claims and contractual obligations 1,834.3 1,840.9 2,030.6 2,123.1 2,048.7 1,787.2 Claims and other contractual obligations 1,845.9 1,850.1 2,627.0 2,122.4 2,069.4 1,791.8 Claims recovered from re-insurance 11.6 9.2 596.4 (0.7) 20.7 4.5 Other claims 0.0 0.0 0.0 0.0 0.0 0.0
Technical Income 516.3 682.4 138.2 328.9 162.3 (268.7)
Net Increase in other technical reserve 46.8 249.5 256.4 251.8 260.3 199.4 Catastrophic risks reserves 46.3 247.8 258.6 252.1 259.6 196.4 Preventions reserves 0.0 0.0 0.0 0.0 0.0 0.0 Contingency claim reserves 0.6 1.8 0.2 0.1 1.1 3.1 Other reserves (0.1) (0.0) (2.4) (0.4) (0.4) (0.1)
Gross profit 469.5 432.9 (118.1) 77.1 (98.1) (468.2)
Net operating expenses 359.9 287.1 258.5 314.4 406.9 308.7 Administrative and operating expenses (187.9) (256.0) (283.5) (215.2) (155.1) (259.7) Personnel expenses 534.8 529.9 529.4 516.7 548.2 552.8 Depreciation and amortization 13.0 13.1 12.5 12.9 13.8 15.6 Operating Profits 109.6 145.8 (376.6) (237.3) (505.0) (776.8)
Net Financial Income 267.7 107.4 514.6 309.2 399.0 989.1 On investments 315.3 270.7 320.8 357.8 365.3 323.8 Investments sales 56.2 32.2 (0.2) 56.4 (3.6) 4.5 Investments revaluation (171.1) (228.7) 173.2 (148.5) (6.9) 612.8 Charges on premiums 40.3 40.7 40.9 41.7 42.4 57.1 Others 2.9 2.2 2.6 2.8 2.8 3.9 Forex 24.2 (9.7) (22.7) (1.0) (0.9) (13.1)
Participated income from permanent investments 54.1 18.8 62.8 11.2 63.4 114.5
Income before income taxes & employee profit sharing 431.4 271.9 200.7 83.1 (42.6) 326.8 Provision for income tax 95.5 72.5 48.7 20.5 (39.0) 53.4 Provision for employee profit sharing 0.0 0.0 0.0 0.0 0.0 0.0 Subsidiaries results 0.0 0.0 0.0 0.0 0.0 0.0
Net income 335.9 199.4 152.1 62.6 (3.5) 273.3
40
SEGUROS INBURSABALANCE SHEET Million Pesos
ASSETS 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Investments 35,214.5 36,950.5 37,169.6 38,289.7 38,511.3 40,267.4Securities 33,389.7 35,126.1 35,345.9 36,473.4 36,576.6 38,339.8 Government 8,888.9 7,685.6 11,599.6 12,836.8 13,270.0 13,901.6 Private companies 17,937.3 21,282.6 17,497.5 17,475.4 17,233.1 23,743.1 Debt Instruments 15,394.1 18,742.1 14,958.5 14,750.3 14,508.0 15,750.6 Equities 2,543.2 2,540.5 2,539.0 2,725.1 2,725.1 7,992.5 Net unrealized gain on valuation 6,444.2 5,962.6 6,121.3 5,958.7 5,915.1 695.1 Interest debtors 119.3 195.2 127.4 202.4 158.4 0.0 Restricted securities 0.0 0.0 0.0 0.0 0.0 0.0Loans 372.8 376.9 380.5 377.4 370.8 368.7 On policies 283.8 293.1 301.8 302.1 323.6 330.9 Secured 56.0 50.9 46.9 43.5 41.0 39.1 Unsecured 0.0 0.0 0.0 0.0 0.0 0.0 Discounts and rediscounts 0.0 0.0 0.0 0.0 0.0 0.0 Past due loans 45.7 45.6 44.4 44.9 44.7 44.4 Interest debtors 0.8 0.8 0.8 0.4 0.3 0.3 Allowance for write-offs (13.4) (13.4) (13.4) (13.4) (38.8) (46.2)
Real estate 1,451.9 1,447.6 1,443.2 1,438.9 1,563.9 1,558.9 Real estate 479.1 479.1 479.1 479.1 485.4 485.4 Net unrealized gain on valuation 1,152.8 1,152.8 1,152.8 1,152.8 1,276.5 1,276.5 Depreciation (180.0) (184.3) (188.7) (193.0) (197.9) (202.9) Investments for labor obligations 1,469.9 1,444.0 1,399.9 1,395.3 1,369.4 1,411.5Current assets 6.3 6.9 5.5 4.2 3.8 10.2 Cash and banks 6.3 6.9 5.5 4.2 3.8 10.2Debtors 9,453.2 8,539.6 6,534.0 5,987.6 7,100.3 7,373.1 Premium debtors 9,116.4 8,186.1 6,185.9 5,661.4 6,777.5 6,997.9 Agents and adjusters 11.8 13.5 15.1 12.7 11.7 11.2 Notes receivable 72.9 72.6 73.5 68.3 52.0 90.6 Employee loans 87.0 89.4 89.9 83.7 78.1 85.1 Other 203.4 217.4 209.8 201.9 224.1 232.3 Allowance for write-offs (38.4) (39.3) (40.2) (40.5) (43.1) (44.0)Reinsurers and rebonders 20,303.9 20,073.1 43,858.0 35,299.2 32,742.8 31,343.2 Insurance and bonding companies 315.7 284.3 395.6 378.7 384.8 462.1 Retained deposits 0.6 0.7 0.7 0.7 0.7 0.7 Reinsurens share of unsettled claims 13,697.2 13,810.6 38,571.4 28,040.2 26,865.1 27,258.1 Reinsurens share of unearned premiums 6,290.3 5,977.6 4,890.4 6,879.5 5,492.2 3,622.3
Permanent investments 2,715.3 2,743.9 2,820.7 2,844.3 2,917.5 2,503.0
Other assets 793.1 533.9 651.6 690.4 727.0 467.0 Furniture and equipment (net) 96.5 93.8 93.6 91.7 114.8 108.2 Foreclosed and repossessed assets 13.2 13.2 13.2 13.2 13.2 13.2 Sundry 683.4 426.9 544.8 585.5 599.0 345.6Total assets 69,956.2 70,291.8 92,439.4 84,510.7 83,372.1 83,375.4
41
LIABILITIES 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Technical reserves 50,545.8 51,055.3 75,585.0 68,104.5 66,883.7 65,738.2Unearned premiums 22,213.8 22,078.1 20,896.9 23,427.7 22,975.1 22,113.1 Life 10,980.7 11,332.3 11,927.0 12,323.9 13,006.4 13,967.4 Accident and health 11,135.4 10,635.6 8,873.2 11,005.3 9,869.6 8,110.5 Current bonds 97.7 110.1 96.7 98.4 99.0 35.1Contractual obligations 18,895.1 19,290.6 44,742.7 34,478.9 33,449.9 32,965.5 Losses and maturities 16,453.4 16,708.6 42,206.5 31,854.8 30,706.4 28,975.3 Reserve for incurred but not reported losses 916.0 884.4 879.8 925.0 927.3 2,486.3 Policy dividends 525.0 575.0 575.2 621.0 636.2 636.4 Managed insurance funds 909.2 916.7 928.4 926.0 972.1 966.2 Deposits premiums 91.4 205.8 152.8 152.0 207.9 271.6 Solvency reserves method 0.0 0.0 0.0 0.0 0.0 (370.4)
Prevision 9,436.9 9,686.6 9,945.5 10,198.0 10,458.7 10,659.6 Prevision 0.0 0.0 0.0 0.0 0.0 0.0 Catastrophic 9,419.2 9,667.0 9,925.6 10,177.7 10,437.3 10,633.7 Contingency 17.7 19.6 19.9 20.3 21.4 25.9 Specials 0.0 0.0 0.0 0.0 0.0 0.0 Provision for labor obligations at retirement 1,435.7 1,423.8 1,393.6 1,392.7 1,368.2 1,393.8
Creditors 818.2 828.3 889.8 1,057.5 1,023.8 1,188.6 Agents and adjusters 489.9 467.6 420.1 444.3 491.4 594.2 Managed loss funds 15.1 14.4 15.3 3.9 (4.9) (1.4) Sundry 313.2 346.3 454.3 609.2 537.3 595.9
Reinsurers and rebonders 4,246.8 4,107.7 2,457.3 1,809.1 1,879.0 1,228.6 Insurance and bonding companies 4,194.3 4,048.2 2,400.6 1,744.5 1,838.7 1,182.8 Retained deposits 52.6 59.4 56.7 64.5 40.3 45.7
Other liabilities 3,347.7 3,105.5 2,776.2 2,732.0 2,725.1 3,244.3 Provision for employee profit sharing 456.4 465.4 255.9 389.7 467.6 119.4 Other liabilities 1,461.1 1,449.1 1,172.9 1,123.2 1,101.7 1,036.2 Deferred credits 1,430.2 1,190.9 1,347.4 1,219.1 1,155.9 2,088.7
Total liabilities 60,394.1 60,520.5 83,102.0 75,095.8 73,879.9 72,793.5Stockholders' equity Paid in capital 1,066.9 1,066.9 1,066.9 1,066.9 1,066.9 1,066.9 Capital stock 1,066.9 1,066.9 1,066.9 1,066.9 1,066.9 1,066.9 Reserves 3,851.2 3,851.2 4,173.2 4,173.2 4,173.2 5,250.7 Legal 804.4 804.4 804.4 804.4 804.4 804.4 Repurchase of shares 0.0 0.0 0.0 0.0 0.0 0.0 Other 3,046.8 3,046.8 3,368.9 3,368.9 3,368.9 3,368.9
Valuation superavit for reserves of unearned premiums 0.0 0.0 0.0 0.0 0.0 1,795.7 Deferred taxes for reserves of unearned premiums 0.0 0.0 0.0 0.0 0.0 (718.3) Unrealized gain on valuation of real estate 421.8 421.8 421.8 424.2 489.0 757.0 Subsidiaries 2,070.7 2,080.5 2,296.4 2,309.0 2,318.7 1,789.7 Retained earnings 973.8 2,151.5 1,027.6 1,027.6 1,033.9 1,444.4 Net income 1,177.7 199.4 351.5 414.0 410.5 273.3 Excess (insufficient) on Stockholders' actualization 0.0 0.0 0.0 0.0 0.0 0.0 Total stockholders' equity 9,562.1 9,771.3 9,337.4 9,414.9 9,492.2 10,582.0
Total liabilities and stockholders' equity 69,956.2 70,291.8 92,439.4 84,510.7 83,372.1 83,375.4
42
PENSIONES INBURSAIncome Statement
Million Pesos 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Premiums written 4.0 6.3 7.7 5.7 6.9 4.3Premiums ceded 0.0 0.0 0.0 0.0 0.0 0.0Retained Premiums 4.0 6.3 7.7 5.7 6.9 4.3
Increased in reserve for unearned premiums 152.0 (39.0) (161.7) (8.2) 99.2 54.3
Retained earned premiums (148.0) 45.3 169.4 13.9 (92.3) (50.0)
Net Acquisition Cost 0.0 0.0 0.0 0.0 0.0 0.0 Commisions to agents 0.0 0.0 0.0 0.0 0.0 0.0 Additional compensation to agents 0.0 0.0 0.0 0.0 0.0 0.0 Commisions for re-insurance taken 0.0 0.0 0.0 0.0 0.0 0.0 Commisions for re-insurance given 0.0 0.0 0.0 0.0 0.0 0.0 Coverage on losses excess 0.0 0.0 0.0 0.0 0.0 0.0 Others 0.0 0.0 0.0 0.0 0.0 0.0
Net cost of claims and contractual obligations 232.7 240.3 243.3 238.4 232.3 242.1 Claims and other contractual obligations 232.7 240.3 243.3 238.4 232.3 242.1 Claims recovered from re-insurance 0.0 0.0 0.0 0.0 0.0 0.0 Other claims 0.0 0.0 0.0 0.0 0.0 0.0
Technical Income (380.7) (195.1) (73.9) (224.5) (324.7) (292.1)
Net Increase in other technical reserve 2.4 2.7 (10.6) 1.7 (1.5) 1.0 Catastrophic risks reserves 0.0 0.0 0.0 0.0 0.0 0.0 Preventions reserves 0.0 0.0 0.0 0.0 0.0 0.0 Contingency claim reserves 2.9 (0.9) (3.2) (0.2) 1.8 1.0 Other reserves (0.5) 3.5 (7.4) 1.9 (3.3) 0.0
Gross profit (383.1) (197.8) (63.3) (226.2) (323.2) (293.1)
Net operating expenses 16.9 1.5 1.9 2.2 (13.5) 2.9 Administrative and operating expenses 16.9 1.5 1.9 2.2 (13.5) 2.9 Personnel expenses 0.0 0.0 0.0 0.0 0.0 0.0 Depreciation and amortization 0.0 0.0 0.0 0.0 0.0 0.0 Operating Profits (400.0) (199.2) (65.2) (228.4) (309.6) (296.0)
Net Financial Income 649.0 376.1 193.9 414.6 496.2 525.4 On investments 275.9 265.5 237.1 242.8 246.2 244.0 Investments sales 11.6 6.8 (0.4) 73.5 3.3 0.7 Investments revaluation 361.6 103.8 (42.9) 98.3 246.6 280.6 Charges on premiums 0.0 0.0 0.0 0.0 0.0 0.0 Others 0.0 0.0 0.0 0.0 0.0 0.0 Forex 0.0 0.0 0.0 0.0 0.0 0.1
Participated income from permanent investments (42.0) 61.0 93.4 (61.4) (5.6) 222.3
Income before income taxes & employee profit sharing 207.0 237.9 222.0 124.8 180.9 451.8 Provision for income tax 0.0 0.0 0.0 0.0 0.0 0.0 Provision for employee profit sharing 48.9 46.2 45.1 46.3 40.1 57.1 Subsidiaries results 0.0 0.0 0.0 0.0 0.0 0.0
Net income 158.0 191.7 176.9 78.5 140.9 394.7
43
PENSIONES INBURSABALANCE SHEETMillion Pesos
ASSETS 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Investments 21,218.5 19,307.4 19,040.7 19,196.3 19,363.6 19,590.3Securities 21,218.5 19,307.4 19,040.7 19,196.3 19,363.6 19,590.3 Government 4,040.6 4,166.7 4,081.8 3,729.7 3,834.8 5,712.9 Private companies 13,113.5 11,102.9 10,988.5 11,598.4 11,446.1 13,877.4 Debt Instruments 13,111.2 11,100.5 10,986.1 11,596.0 11,443.7 13,822.2 Equities 2.4 2.4 2.4 2.4 2.4 55.2 Net unrealized gain on valuation 3,817.5 3,853.3 3,780.5 3,687.7 3,886.9 0.0 Interest debtors 246.9 184.5 189.8 180.4 195.9 0.0Loans 0.0 0.0 0.0 0.0 0.0 0.0 On policies 0.0 0.0 0.0 0.0 0.0 0.0 Secured 0.0 0.0 0.0 0.0 0.0 0.0 Unsecured 0.0 0.0 0.0 0.0 0.0 0.0 Discounts and rediscounts 0.0 0.0 0.0 0.0 0.0 0.0 Past due loans 0.0 0.0 0.0 0.0 0.0 0.0 Interest debtors 0.0 0.0 0.0 0.0 0.0 0.0 Allowance for write-offs 0.0 0.0 0.0 0.0 0.0 0.0
Real estate 0.0 0.0 0.0 0.0 0.0 0.0 Real estate 0.0 0.0 0.0 0.0 0.0 0.0 Net unrealized gain on valuation 0.0 0.0 0.0 0.0 0.0 0.0 Depreciation 0.0 0.0 0.0 0.0 0.0 0.0 Investments for labor obligations 0.0 0.0 0.0 0.0 0.0 0.0Current assets 0.5 0.5 0.7 0.3 0.5 0.6 Cash and banks 0.5 0.5 0.7 0.3 0.5 0.6Debtors 0.3 0.5 0.8 0.5 0.3 0.2 Premium debtors 0.0 0.0 0.0 0.0 0.0 0.0 Agents and adjusters 0.0 0.0 0.0 0.0 0.0 0.0 Notes receivable 0.0 0.0 0.0 0.0 0.0 0.0 Employee loans 0.0 0.0 0.0 0.0 0.0 0.0 Other 0.4 0.6 0.9 0.6 0.4 0.2 Allowance for write-offs (0.1) (0.1) (0.1) (0.1) (0.1) (0.1)Reinsurers and rebonders 0.0 0.0 0.0 0.0 0.0 0.0 Insurance and bonding companies 0.0 0.0 0.0 0.0 0.0 0.0 Retained deposits 0.0 0.0 0.0 0.0 0.0 0.0 Reinsurens share of unsettled claims 0.0 0.0 0.0 0.0 0.0 0.0 Reinsurens share of unearned premiums 0.0 0.0 0.0 0.0 0.0 0.0
Permanent investments 4,512.9 6,526.9 6,620.2 6,558.8 6,553.2 6,775.5
Other assets 178.1 36.9 82.1 120.5 168.0 46.4 Furniture and equipment (net) 0.0 0.0 0.0 0.0 0.0 0.0 Foreclosed and repossessed assets 0.0 0.0 0.0 0.0 0.0 0.0 Sundry 178.1 36.9 82.1 120.5 168.0 46.4Total assets 25,910.2 25,872.2 25,744.5 25,876.4 26,085.7 26,413.0
44
LIABILITIES 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Technical reserves 15,809.9 15,774.2 15,624.7 15,631.8 15,660.4 15,713.7Unearned premiums 14,985.5 14,941.7 14,775.5 14,762.9 14,857.6 14,907.1 Life 14,985.5 14,941.7 14,775.5 14,762.9 14,857.6 14,907.1 Accident and health 0.0 0.0 0.0 0.0 0.0 0.0 Current bonds 0.0 0.0 0.0 0.0 0.0 0.0Contractual obligations 119.3 124.7 151.9 170.0 105.3 108.2 Losses and maturities 118.0 124.5 151.7 169.7 105.0 107.9 Reserve for incurred but not reported losses 0.0 0.0 0.0 0.0 0.0 0.0 Policy dividends 0.0 0.0 0.0 0.0 0.0 0.0 Managed insurance funds 0.0 0.0 0.0 0.0 0.0 0.0 Deposits premiums 1.3 0.2 0.3 0.3 0.4 0.4
Prevision 705.1 707.8 697.2 698.9 697.4 698.4 Prevision 0.0 0.0 0.0 0.0 0.0 0.0 Catastrophic 0.0 0.0 0.0 0.0 0.0 0.0 Contingency 291.4 290.6 287.4 287.1 289.0 289.9 Specials 413.6 417.2 409.8 411.7 408.4 408.4 Provision for labor obligations at retirement 0.0 0.0 0.0 0.0 0.0 0.0
Creditors 25.5 24.9 24.6 24.7 24.5 29.6 Agents and adjusters 0.1 0.1 0.1 0.1 0.1 0.1 Managed loss funds 0.0 0.0 0.0 0.0 0.0 0.0 Sundry 25.5 24.9 24.6 24.6 24.4 29.5
Reinsurers and rebonders 0.0 0.0 0.0 0.0 0.0 0.0 Insurance and bonding companies 0.0 0.0 0.0 0.0 0.0 0.0 Retained deposits 0.0 0.0 0.0 0.0 0.0 0.0
Other liabilities 294.3 101.0 146.1 192.4 232.5 106.7 Provision for employee profit sharing 239.8 43.6 79.7 137.8 182.8 40.1 Other liabilities 0.0 0.0 0.0 0.0 0.0 0.0 Deferred credits 54.6 57.3 66.4 54.6 49.6 66.6
Total liabilities 16,129.7 15,900.1 15,795.4 15,848.9 15,917.3 15,850.0Stockholders' equity Paid in capital 1,108.4 1,108.4 1,108.4 1,108.4 1,108.4 1,108.4 Capital stock 1,458.4 1,458.4 1,458.4 1,458.4 1,458.4 1,458.4 (-)Unsubscribed capital 350.0 350.0 350.0 350.0 350.0 350.0 Reserves 3,613.2 3,613.2 4,440.5 4,440.5 4,104.1 4,104.1 legal 846.6 846.6 846.6 846.6 846.6 846.6 Repurchase of shares 0.0 0.0 0.0 0.0 0.0 0.0 Other 2,766.6 2,766.6 3,593.9 3,593.9 3,257.4 3,257.4 Unrealized gain on valuation of real estate 0.0 0.0 0.0 0.0 0.0 0.0 Subsidiaries 3,801.9 3,801.9 4,080.9 4,080.9 4,080.9 4,080.9 Retained earnings 204.9 1,257.0 (49.3) (49.3) 287.2 875.1 Net income 1,052.1 191.7 368.6 447.1 587.9 394.7 Excess (insufficient) on Stockholders' actualization 0.0 0.0 0.0 0.0 0.0 0.0 Total stockholders' equity 9,780.5 9,972.2 9,949.1 10,027.5 10,168.4 10,563.1
Total liabilities and stockholders' equity 25,910.2 25,872.2 25,744.5 25,876.4 26,085.7 26,413.0
45
Fianzas Guardiana-InbursaIncome Statement Million Pesos 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Premiums accepted 410.4 465.0 413.7 472.3 482.4 496.0Premiums ceded 35.8 70.5 23.6 52.9 58.6 55.5RETAINED PREMIUMS 374.7 394.6 390.1 419.5 423.8 440.5
Application of reserve for outstanding bonds 1.4 19.8 0.1 12.5 14.6 (0.4)NET PREMIUM REVENUES 373.3 374.7 390.1 407.0 409.2 440.9
Net Acquisition Cost (0.9) (10.0) 7.4 (2.2) (21.7) 8.0 Comisions to agents 0.1 0.5 0.3 0.5 0.2 0.5 Comisions for rebonding taken 0.0 0.0 0.0 0.0 0.0 0.0 Comisions for rebonding given (18.9) (29.3) (10.3) (21.3) (29.4) (23.6) Others 17.9 18.9 17.4 18.6 7.5 31.2
Claims 337.6 286.4 313.4 318.4 325.9 321.3Technical Income 36.6 98.3 69.3 90.7 105.0 111.6
Net increase in other technical reserves 37.3 39.2 39.0 42.0 42.5 (897.0)
GROSS INCOME (0.8) 59.1 30.3 48.7 62.5 1,008.6
Net Operating Expenses (55.9) (79.7) (49.1) (56.6) (32.5) (55.3) Administrative & operating expenses (56.2) (80.0) (49.4) (56.9) (32.8) (55.6) Personnel expenses 0.0 0.0 0.0 0.0 0.0 0.0 Depreciation 0.3 0.3 0.3 0.3 0.3 0.3
OPERATING INCOME 55.1 138.7 79.4 105.3 95.0 1,063.9
Financial Income 1.2 (1.5) 46.2 (26.1) 22.6 82.3 On investments 14.8 19.6 34.6 14.5 21.0 13.3 Investments sales 0.0 0.0 0.0 0.0 0.4 0.0 Investments revaluation (19.0) (23.5) 9.6 (45.9) (7.0) 69.6 Others 0.0 0.0 0.0 0.0 0.0 0.1 Forex 5.4 2.4 2.0 5.3 8.1 (0.7)
Participated income from permanent investments (1.5) 1.4 2.3 (1.5) 25.4 5.5
INCOME BEFORE TAXES 54.8 138.6 127.9 77.7 142.9 1,151.7
Income taxes 7.7 40.2 36.2 19.3 35.8 337.8Subsidiaries Net Income 0.0 0.0 0.0 0.0 0.0 0.0
NET INCOME 47.1 98.4 91.6 58.3 107.1 813.9
46
Fianzas Guardiana-InbursaBALANCE SHEET Million Pesos
ASSETS 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Investments 2,128.3 2,333.6 2,426.2 2,508.7 2,785.1 2,710.9Securities 1,850.1 2,085.4 2,179.4 2,263.5 2,444.5 2,372.1 Government 1,256.1 1,512.9 1,597.1 1,723.5 1,911.8 1,769.8 Private companies 285.2 286.6 287.8 291.2 292.1 602.3 Debt Instruments 39.5 40.9 42.1 45.5 46.4 46.5 Equities 245.7 245.7 245.7 245.7 245.7 555.8 Net unrealized gain on valuation 307.4 284.0 293.5 247.6 240.0 0.0 Interest debtors 1.3 2.0 1.0 1.2 0.6 0.0 Restricted securities 0.0 0.0 0.0 0.0 0.0 0.0Loans 49.9 20.7 20.2 19.5 14.5 13.9 Secured 21.0 20.1 19.6 18.9 14.2 13.8 Unsecured 0.6 0.6 0.6 0.0 0.3 0.0 Discounts and rediscounts 0.0 0.0 0.0 0.0 0.0 0.0 Past due loans 38.7 1.0 1.0 1.6 0.2 0.5 Interest debtors (10.4) (1.0) (1.0) (1.0) (0.2) (0.4)Real estate 228.3 227.4 226.6 225.7 326.0 325.0 Real estate 170.5 170.5 170.5 170.5 254.2 325.0 Net unrealized gain on valuation 76.5 76.5 76.5 76.5 95.8 0.0 Depreciation (18.7) (19.6) (20.4) (21.3) (24.0) 0.0 Investments for labor obligations 3.4 3.4 3.4 3.4 3.3 3.4Current assets 8.9 15.4 3.1 1.2 0.6 3.9 Cash and banks 8.9 15.4 3.1 1.2 0.6 3.9Debtors 413.8 395.6 419.3 464.2 443.0 407.7 Premium debtors 399.6 376.4 389.5 438.7 415.0 392.1 Agents (0.0) 0.0 0.2 (0.1) (0.0) 0.0 Notes receivable 0.0 0.0 0.0 0.0 0.0 0.0 Debt for bonding claimed & payed 11.4 11.5 11.5 11.5 11.5 11.5 Employee loans 0.0 0.0 0.0 0.0 0.0 0.0 Other 13.0 17.9 29.2 25.2 27.8 15.4 Allowance for write-offs (10.2) (10.2) (11.2) (11.2) (11.3) (11.3)
Rebonders 422.8 439.6 399.4 380.3 370.8 136.9 Bonding companies 11.3 5.0 10.7 15.2 15.2 7.3 Retained deposits 0.0 0.0 0.0 0.0 0.0 0.0 Others 0.0 0.0 0.0 0.0 0.0 0.0 Participation in rebonding 411.6 434.7 388.7 365.2 355.6 129.6 Estimation for punishments (0.1) (0.1) (0.1) (0.1) (0.1) 0.0
Permanent investments 197.6 200.3 203.7 205.4 248.4 253.9
Other assets 314.3 228.7 259.8 295.8 215.6 118.6 Furniture and equipment (net) 0.1 0.1 0.1 0.1 0.1 0.1 Foreclosed and repossessed assets 1.5 1.5 1.5 1.5 1.5 1.5 Sundry 312.7 227.1 258.2 294.2 214.0 117.0
Total assets 3,489.0 3,616.6 3,714.9 3,859.0 4,066.8 3,635.3
47
LIABILITIES 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16Technical reserves 2,054.5 2,137.2 2,130.8 2,163.2 2,211.0 1,088.0Current bonds 1,099.5 1,142.8 1,097.2 1,086.9 1,092.1 865.7Contingency bonds 955.0 994.5 1,033.6 1,076.2 1,118.9 222.3Provision for labor obligations at retirement 1.9 1.9 1.8 1.7 1.7 1.8
Creditors 26.7 16.5 21.3 27.9 28.9 22.7 Agents and adjusters 0.2 0.4 0.4 0.6 0.3 0.7 Managed loss funds 0.0 0.0 0.0 0.0 0.0 0.0 Sundry 26.5 16.1 20.9 27.3 28.5 22.1
Rebonders 9.3 40.7 20.5 40.7 19.3 25.7 Bonding companies 6.3 37.7 17.5 37.7 16.3 22.7 Other participation 2.9 3.0 3.0 3.0 3.0 3.0
Other liabilities 259.0 184.2 212.8 239.5 288.9 466.0 Provision for employee profit sharing & incurred income Tax 123.0 46.8 80.4 114.4 157.4 321.9 Other liabilities 83.6 88.7 81.1 88.4 95.2 88.9 Deferred credits 52.4 48.7 51.3 36.6 36.3 55.3
Total liabilities 2,351.3 2,380.5 2,387.2 2,472.9 2,549.9 1,604.3Stockholders' equity Paid in capital 158.2 158.2 158.2 158.2 158.2 158.2 Capital stock 193.2 193.2 193.2 193.2 193.2 193.2 (-)Unsubscribed capital (35.0) (35.0) (35.0) (35.0) (35.0) (35.0) Reserves 158.2 158.2 158.2 158.2 158.2 158.2 legal 158.2 158.2 158.2 158.2 158.2 158.2 Repurchase of shares 0.0 0.0 0.0 0.0 0.0 0.0 Other 0.0 0.0 0.0 0.0 0.0 0.0 Unrealized gain on valuation of real estate 57.6 57.6 57.6 57.6 69.6 69.6 Subsidiaries 133.0 133.0 142.9 142.9 154.7 154.9 Retained earnings 303.2 630.7 620.8 620.8 620.8 676.2 Net income 327.5 98.4 190.0 248.3 355.4 813.9 Excess (insufficient) on Stockholders' actualization 0.0 0.0 0.0 0.0 0.0 0.0 Total stockholders' equity 1,137.7 1,236.1 1,327.7 1,386.0 1,516.9 2,031.0
Total liabilities and stockholders' equity 3,489.0 3,616.6 3,714.9 3,859.0 4,066.8 3,635.3
![InbRep2Q19 [Sólo lectura] · Mexico City, July 25, 2019.-Grupo Financiero Inbursa today reported results for the second quarter 2019. Frank Aguado (52) 55-56-25-4900 Ext. 3351 faguadom@inbursa.com](https://static.fdocuments.in/doc/165x107/5fcfba00d298c855f845b878/inbrep2q19-slo-lectura-mexico-city-july-25-2019-grupo-financiero-inbursa.jpg)
